tl;dr
The "Mobile Wallets Hit 36M as Investors Explore dApps" report by Coinbase reveals that digital asset mobile wallets reached 36 million in Q4 2024, showcasing sustained growth. The report emphasizes the role of mobile wallets in converting passive digital asset owners into active users. It also addr...
Mobile Wallets Hit 36M as Investors Explore dApps: Report Digital asset mobile wallets hit new heights in Q4 2024 as millions of passive investors explored decentralized applications (dApps), a new report has revealed. The “Guide to Crypto Markets” report by Coinbase (NASDAQ: COIN) revealed that digital asset mobile wallets hit 36 million toward the end of the year, a new record, amid sustained growth since mid-2023.
Commenting on the report, a16z’s data scientist, Daren Matsuoka, noted that mobile wallets have played a significant role in converting passive digital asset owners into active users. The number of mobile wallets represents 6% of the 560 million global digital asset owners, according to data from Triple-A. Most digital asset owners only hold the tokens for speculative purposes, and their sole interaction with their wallets is when purchasing, transferring, or selling their assets. The Coinbase report’s figure accounts for digital asset holders who have interacted with blockchain applications, including decentralized finance (DeFi), tokenization, and non-fungible tokens (NFTs).
The Coinbase report also highlighted the surge in stablecoin use; in Q4 last year, stablecoin supply shot up 18%, surpassing $200 billion in market cap. Stablecoin volume hit $30 trillion last year, with December setting the record at $5 trillion. The exchange acknowledged that most of the stablecoin growth was directly linked to increased on-chain liquidity for ‘crypto’ speculation. However, stablecoin usage in payments, remittances, and other financial services also rapidly surged in 2024.
Elsewhere, Hong Kong’s Securities and Futures Commission (SFC) has issued two virtual asset service provider (VASP) licenses, the first of the new year. The regulator issued the licenses to PantherTrade and YAX, two local digital asset exchanges. It brings the total number of licensed VASPs under the SFC’s regulatory regime to nine, which falls just short of the 11 exchanges the SFC intended to license by the end of 2024. SFC CEO Julia Leung stated last October that the agency would endeavor to issue licenses to the applicants who, at the time, were operating under a “deemed to be licensed” model as they awaited the SFC’s decision.