The number of mobile cryptocurrency wallets has hit an all-time high of 36 million in Q4 2024, marking a significant shift in crypto adoption. According to Coinbase’s latest market report, more passive crypto holders are now actively engaging with blockchain applications, including decentralized finance (DeFi).

Daren Matsuoka, a data scientist at a16z Crypto, noted that mobile wallets are crucial in converting passive holders into active users. While crypto ownership is widespread—560 million people globally hold digital assets—active engagement remains much lower.

The trend could accelerate further, with Lunu CEO Pavlo Denysiuk predicting a threefold increase in crypto holders over the next two years. The rising adoption of stablecoins, which offer faster and cheaper transactions, has played a major role in this growth.

Stablecoins have become crypto’s “killer app” in 2024, driving liquidity and global payments. Coinbase’s report highlighted that stablecoin supply surged over 18% in Q4, nearly hitting $200 billion. Trading volume skyrocketed to $30 trillion for the year, with a record-breaking $5 trillion in December alone, coinciding with Bitcoin’s rally to $100,000.

Notably, stablecoin inflows to exchanges reached an all-time high of $9.7 billion in November—just weeks before Bitcoin’s price surge. Analysts suggest this signals increasing buying pressure and investor confidence in the crypto market.

Meanwhile, stablecoins are challenging fiat currency dominance in East Asia, where they are increasingly used as an alternative to local currencies. Chainalysis reports that the region accounted for 8.9% of global crypto transactions, largely driven by inflation and currency devaluation.

With growing adoption and regulatory clarity on the horizon, stablecoins are poised to reshape remittances and financial services, particularly for the unbanked. The crypto revolution is no longer a prediction—it’s unfolding now.