Authors: Kate Li and Maria Shen, Electric Capital
Translation: Golden Finance
Executive Summary
We analyzed the transaction data of wallets holding stablecoins across five major stablecoin networks: Ethereum, Base, BSC, Tron, and Solana, over a three-month period—these networks processed $13.59 trillion in transactions from July to September 2025. By mapping the active times of these stablecoin-holding wallets, we can infer the locations of users globally.
The use of stablecoins is genuinely global, but the distribution is uneven. The data reveals three clear patterns:
1. Exceptionally high activity in the Americas. Despite the Americas accounting for a small share of the global population, the volume of stablecoin transactions generated by users in the Western Hemisphere rivals or even exceeds that of more densely populated regions. This indicates significant growth potential for stablecoins in other parts of the world, particularly in high-density areas where adoption rates remain relatively low.
2. Different chains serve different geographic regions. BSC and Tron are highly concentrated in the Asian, Middle Eastern, and African markets, with very low activity during Western working hours (3%). Ethereum, Solana, and Base show broader geographic coverage, with active users spread across multiple time zones.
3. Geographic distribution of large and small wallets varies across different chains. Base and Solana exhibit clear differentiation, with large wallets (possibly institutional) concentrated in Western financial centers, while small wallets (possibly retail users) are distributed globally. In contrast, BSC, Tron, and Ethereum show a more consistent geographic distribution of wallets of different sizes, indicating a more unified user base geographically.
Important Notes:
Wallets do not equal individuals.
Each wallet represents an address, not a person. If the number of wallets per capita differs across regions, the geographic distribution of the population may vary. This analysis assumes a uniform distribution of global per capita wallet ownership.
Geographic inferences are based on typical working hours.
We infer geographic locations based on wallet activity between 9 AM and 5 PM local time. However, if stablecoin users in certain regions tend to transact outside these hours, regional mapping may change. While stablecoin activity does occur across all time periods, this analysis assumes that early risers and night owls are roughly evenly distributed globally, making the 9 AM to 5 PM framework directionally valid for identifying major activity areas.
Our complete methodology can be found at the end of this article.
Stablecoin usage is global, but Western activity is exceptionally high.
We first aggregate the activity across all five chains to identify the general patterns of global stablecoin usage.
Stablecoin activity presents two distinct peaks across different regional centers.
Stablecoin activity is not confined to a single geographic area. Instead, its usage spans various time zones and presents two distinct peaks:
UTC 8 AM—overlapping working hours in Asia, the Middle East, Africa, and parts of Europe.
UTC 12 PM—overlapping working hours in the Middle East, Africa, Europe, and Latin America (with the US East Coast joining at UTC 1 PM).
This dual-peak pattern indicates that stablecoin demand is driven by several regional centers rather than dominated by a single geographic area.
But the influence of the Western Hemisphere exceeds its population weight.
If stablecoin adoption strictly followed population distribution, activity would be highly concentrated in the Eastern Hemisphere (UTC 4–11), as most of the world's population resides there (as shown in the above chart).
However, the peak at UTC 12 PM reveals the disproportionate influence of the Western Hemisphere: despite a smaller population base, the volume of stablecoin activity generated by the Americas exceeds that of more densely populated regions.
Large wallets concentrate in financial centers, while small wallets are distributed globally.
We now segment wallets by stablecoin balance to understand whether different types of user behavior vary. As of October 1, 2025, approximately 0.3% of wallets hold over $100,000, while 80.4% hold between $1 and $100. These groups exhibit different geographic patterns.
Large wallets cluster around traditional financial centers.
Large wallets (over $100,000) are active primarily between UTC 7 AM and 3 PM, aligning with working hours in Asia, the Middle East, Europe, and the US East Coast. This pattern suggests that institutional or professional users primarily operate during business hours in major financial centers.
Small wallets show broader global adoption.
Small wallets ($1 to $100) exhibit more widespread activity across all time zones, without the sharp decline in concentration seen with large wallets. This distribution indicates that everyday users are transacting throughout the day across different geographic regions.
BSC and Tron remain anchored in the Eastern Hemisphere, while Ethereum, Solana, and Base have global influence.
Next, we segment stablecoin activity by chain to see if different networks serve different regions of the world. The answer is: some chains have achieved global distribution, while others remain concentrated in specific areas.
Ethereum and Solana demonstrate balanced global usage.
The activity distribution of Ethereum and Solana spans both hemispheres, with strong participation during working hours in the Eastern Hemisphere (UTC 7–11) and the Western Hemisphere (UTC 13–16). These chains have successfully penetrated global markets.
BSC and Tron anchor in Asia, the Middle East, and Africa.
BSC and Tron exhibit remarkably similar patterns, with activity concentrated between UTC 6 AM and 3 PM—aligning with working hours in Asia, the Middle East, and Europe. Despite having a large total user base, their activity during US hours is below 3%, indicating a relatively low adoption rate in the West.
Base shows emerging global influence.
Compared to BSC or Tron, Base exhibits more geographic diversity, with significant activity across multiple time zones. While it has not yet achieved the global balance of Ethereum or Solana, Base is showing strength in the Western Hemisphere while also increasing adoption in other regions.
The clustering of large and small wallets varies across different chains.
Segmenting activity by chain and wallet size reveals different patterns. Large wallets (possibly representing institutions or professional users) and small wallets (possibly representing retail users) show different geographic concentrations. However, these patterns vary by chain.
Large wallets (over $100,000) cluster around different financial centers on different chains.
Ethereum: Concentrated between UTC 8 AM and 4 PM, spanning Europe, Africa, Latin America, and the US East Coast—showing the most diverse geographic distribution among major chains.
Solana and Base: Primarily active in the Americas, peaking around UTC 1 PM when the US and Latin American markets begin trading.
BSC: Clusters between UTC 7 AM and 3 PM, aligning with working hours in Asia, the Middle East, Africa, and Europe, with minimal activity in the US.
Tron: The most regionally concentrated, active between UTC 6 AM and 4 PM, anchored in Asia, the Middle East, and Africa.
Small wallets ($1–100) have a broader distribution but still vary by chain.
Ethereum and Solana: Show global retail coverage, with strong participation in the Americas and other regions.
BSC and Tron: Maintain concentration in the Eastern Hemisphere and Europe, indicating that retail adoption follows the same geographic patterns as large wallets.
Base: Shows retail strength in the Eastern Hemisphere, while participation in the Western Hemisphere is on the rise.
In-depth analysis: Stablecoin activity patterns across chains.
We now examine each chain individually, segmenting activity by wallet size to understand where different types of users operate on each network.
Ethereum
Ethereum maintains a global distribution, but its usage in the West is exceptionally strong relative to the population share in that region.
Large wallets (over $100,000): Activity is concentrated between UTC 8 AM and 4 PM, with peak participation spanning Africa, Europe, Latin America, and the US East Coast.
Small wallets ($1–100): Activity peaks at UTC 1 PM, coinciding with overlapping times in the Americas and Europe. Despite a smaller population in the Western Hemisphere, its per capita usage significantly exceeds that of other regions.
Ethereum's user base is global, but Western users—whether large or small wallets—exhibit exceptionally high participation relative to their population share.
Solana
Solana shows a geographic separation between large and small wallets: large funds are concentrated in the Americas, while small wallet users are distributed globally.
Large wallets (over $100,000): Activity starts at UTC 1 PM, when the US East Coast and Latin America begin trading, and continues with strong participation until UTC 4 PM. The per capita usage rate on the US West Coast is the highest of any region globally.
Small wallets ($1–100): Activity shows two peaks, one between UTC 7–10 AM (overlap of Asia/Middle East/Africa/Europe) and another between UTC 12–4 PM (overlap of Europe/Latin America/North America), reflecting global retail adoption.
There is a clear institutional-retail geographic divide in Solana: large wallets cluster in Western financial centers, while small wallets transact across all time zones.
Base
Base exhibits the sharpest geographic divide between large and small wallets: small wallets lean towards the East, while large wallets lean towards the West, with the activity distribution of large wallets being broader than that of small wallets.
Large wallets: The most concentrated period is at UTC 2 PM, when the times of Europe, Africa, Latin America, and the US East Coast overlap.
Small wallets: Follow the general cross-chain trend but are more heavily skewed towards the East. Once users from Europe and Africa go offline, usage drops sharply.
BSC
BSC is anchored by users in the Eastern Hemisphere, with limited influence during US hours.
Large and small wallets: Both cluster between UTC 7 AM and 3 PM, covering working hours from the Far East to South Asia, the Middle East, Africa, and Europe. Peaks occur at UTC 8 AM (London opening) and UTC 1 PM (US East Coast opening).
Regional tendency: Activity in the US after UTC 3 PM is relatively low, while Asia shows a stronger presence (starting around UTC 2 AM).
Tron
Tron's usage is highly regionally anchored, especially for large wallets.
Large and small wallets: Both show a dense concentration between UTC 6 AM and 4 PM, aligning with working hours from the Far East to South Asia, the Middle East, Africa, and Europe.
Tron has the most concentrated activity of large wallets among all chains.
Scope and Methodology
Chains: Ethereum, Base, BSC, Tron, Solana
Time Period: July to September 2025
Transaction Types: The analysis covers transfer transactions involving 33 major fiat-backed and non-fiat-backed stablecoins, including USDT, USDC, USDe, DAI, USDS, FDUSD, USD₀, crvUSD, FRAX, USDX, USR, USDZ, TUSD, PYUSD, BUSD, MIM, M, EURC, XSGD, USDP, DEUSD, USDG, USDD, GHO, DOLA, USDA, GYEN, GUSD, EURS, USDM, and RLUSD.
A small number of known contract or test addresses were excluded to remove noise and ensure that only real wallet activity was counted.
Wallet Filter: We use each wallet's stablecoin balance at the beginning of the month as a proxy for its size. Wallets with a beginning-of-month balance below $1 are excluded from the analysis for that month.
Methodology:
To measure the most active times for users, we count the occurrences of each wallet during each active hour each month.
If a wallet made multiple transfers in the same UTC hour over two months, it is counted twice.
If a wallet made multiple transfers in the same hour within the same month, it is counted only once for that month.
When aggregating cross-chain activity (e.g., all wallets or large vs. small wallets), we removed duplicates across EVM-compatible networks (Ethereum, Base, BSC, and Tron) to ensure that each wallet is counted only once.
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