Dune Stablecoin Dataset Shows More Than 170 Million Holders Worldwide, with CEXs the Largest Holder Category

Stablecoins, which are pegged to assets such as the U.S. dollar, have become an important tool for crypto-market settlement, cross-border transfers and on-chain yield strategies. Dune and Steakhouse Financial have jointly developed an in-depth dataset that uses supply, holder and fund-flow data to illustrate how the market is used in practice.

The latest data show that total stablecoin supply has surpassed $300 billion and the number of holders worldwide exceeds 170 million, with centralized exchanges the largest holder category. USDT and USDC together still account for nearly 90% of the market, but challengers including PYUSD and RLUSD recorded explosive growth in 2025.