Stablecoin holder distribution is shifting hard.
$TRON: 93.9M addresses
$BNB Chain: 93.2M (up 113.6% YoY)
$ETH: 26.9M
$SOL: 13.3M
$ARB: 12M
$BASE: 8.7M
$BNB is only 740K holders behind $TRON and closing fast. That YoY growth rate is insane.
This isn't just vanity metrics. Stablecoin holders = real users = liquidity depth = where the next narratives pop off.
Watch which chains are actually retaining these addresses vs. just farming bots. On-chain activity + retention = alpha.
The stablecoin war is the infrastructure war. Whoever wins this wins DeFi 2.0.
$TRON: 93.9M addresses
$BNB Chain: 93.2M (up 113.6% YoY)
$ETH: 26.9M
$SOL: 13.3M
$ARB: 12M
$BASE: 8.7M
$BNB is only 740K holders behind $TRON and closing fast. That YoY growth rate is insane.
This isn't just vanity metrics. Stablecoin holders = real users = liquidity depth = where the next narratives pop off.
Watch which chains are actually retaining these addresses vs. just farming bots. On-chain activity + retention = alpha.
The stablecoin war is the infrastructure war. Whoever wins this wins DeFi 2.0.