- Crypto mobile wallet users reached a new all-time high of 36 million in Q4 2024
- Crypto executives think the increase is a sign of crypto adoption
- The number of mobile wallet users is a fraction of the 560 million crypto holders globally
Crypto exchange Coinbase has released a report showing that crypto mobile wallet users reached a new all-time high of 36 million in Q4 2024. Some prominent figures in the crypto space think the rise is a sign of growing crypto adoption with Coinbase observing that “cryptocurrency markets have entered a new […] development and maturation” phase. The number of mobile wallet users rose significantly between July 2020 and July 2022 before stagnating for about 17 months, a phenomenon that coincided with a slump in the crypto market in 2022 and 2023.
Crypto Mobile Wallet Users Play a Critical Role
According to the report, 2024 registered a significant rise in mobile wallet users with monthly users averaging over 25 million. The users are spread across 12 popular wallets including Coinbase Wallet, Ledger Live, Ronin Wallet, MetaMask, Worldcoin Wallet, and Trust Wallet.
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a16z’s Daren Matsuoka commented on the rise saying that mobile wallets play a critical role in “turning passive crypto owners into active crypto users.” The report also touched on the adoption of BTC and stablecoins like USDT.
It revealed that “a portion of demand for bitcoin comes from investors” that are skeptical on how their countries are handling government debt. The investors are accumulating BTC as a hedge against fiat inflation. The report added that bitcoin’s dominance remained steady as investors turned to less-risky cryptocurrencies.
Stablecoin Supply Rose by 18% in Three Months
Stablecoins also stumped their presence with their supply rising by 18% in Q4 2024. Their combined market value “approached $200 billion” by the end of the year. USDT and USDC remained the most popular stablecoins.
With more crypto users turning to mobile wallets, crypto platforms will likely start promoting their mobile platforms to attract these users.
