Dune's latest hardcore data reveals the true cards of the $304 billion stablecoin market. Here are some key insights: - Dual monopoly: USDT and USDC dominate with a whopping 89% market share. - Retail entry, whale control: Over 172 million global wallet addresses hold stablecoins, but more than 90% of emerging stablecoins like USDS and USD0 are concentrated in the top 10 wallets. - Transfer surge: January's transfer volume exceeded $10.3 trillion! USDC's transaction volume was nearly 5 times that of USDT, acting as an extremely active trading medium. - Real destinations: Over 90% of stablecoins are not idle but flow into DEX liquidity, leveraged lending, and CEX channels as foundational infrastructure. Read the full article to understand the data flow of stablecoins.