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    Home » Over 400 million crypto wallets hold non-zero balance: Chainalysis
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    Over 400 million crypto wallets hold non-zero balance: Chainalysis

    By g.ge@btw.mediaDecember 9, 2024No Comments2 Mins Read
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    • Over 400 million crypto wallets now hold positive balances as crypto adoption continues to grow.
    • Stablecoins dominate onchain transactions, accounting for up to 75% of activity in 2024.

    What happened: Crypto adoption reaches new heights

    According to a Dec. 5 report by Chainalysis, over 400 million cryptocurrency wallets now hold a non-zero balance, highlighting the steady growth in global crypto adoption. This trend has been driven by rising interest from institutional and retail users, particularly those transacting in dollar-pegged stablecoins, as the ongoing bull market gains momentum. While wallet addresses do not necessarily represent the number of individual users, this surge signals a significant shift in how cryptocurrencies are perceived and utilised.

    The report also underscores the convergence of digital assets with traditional finance. Analysts pointed out that exchange-traded funds (ETFs) and similar investment products are accelerating crypto adoption. Stablecoins have emerged as a dominant force, representing between 50% and 75% of all onchain transactions since early 2024. Their utility extends beyond investment purposes, serving as a store of value and facilitating remittances in regions like Venezuela and Latin America, where access to US dollars is restricted.

    Also read: Can we trust crypto wallets to be anonymous?
    Also read: Different types of crypto wallets: A complete guide

    Why it’s important

    The rise in crypto wallets with positive balances reflects increasing confidence in digital assets and their integration into mainstream financial systems. Stablecoins, for instance, have proven their versatility by lowering cross-border settlement costs, a fact recognised by US Federal Reserve Governor Christopher Waller during an October speech. Additionally, dollar-backed stablecoins are now driving demand for US Treasury bills, enhancing their operational efficiency.

    This convergence of traditional and digital finance points to a seismic shift in how the global economy functions. With over $400 million in active wallets and stablecoins dominating transaction volumes, cryptocurrencies are no longer fringe assets but essential tools for financial inclusion, cross-border commerce, and wealth preservation. The ongoing expansion of crypto adoption is likely to redefine economic paradigms, paving the way for a more decentralised and accessible financial ecosystem.

    Chainalysis crypto wallets global adoption stablecoins
    g.ge@btw.media

    Grace is an intern reporter at BTW Media,having studied Journalism Media and Communiations at Cardiff University.She specialises in wiritng and reading.Contact her at g.ge@btw.media.

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