The distribution of stablecoins among on-chain wallet holders shows signs of increasing institutionalization. Data indicates that institutional investors, such as crypto funds and hedge funds, are accumulating stablecoins for liquidity management and DeFi participation. For instance, USDC is favored by institutions due to its regulatory compliance, with significant holdings in exchange-related wallets and MakerDAO’s contracts. However, retail and professional-sized transfers (under $1M) still dominate stablecoin activity, particularly in regions like Latin America and Sub-Saharan Africa, suggesting a broad user base. Centralized stablecoins like USDT and USDC remain prevalent, but their concentration in exchange wallets hints at institutional custody. While decentralized stablecoins like DAI see less institutional dominance, their use in DeFi protocols attracts institutional interest. Overall, institutional involvement is growing, but retail adoption remains significant.