Stablecoin Owners Outnumber Solana Holders: Reown Survey

Owners of stablecoins now outnumber those who hold Solana, according to a new report by Reown.

A survey of over a thousand crypto users conducted by Reown and YouGov found that 38% of users now own stablecoins, ahead of Solana at 37%. Bitcoin and Ethereum continue to dominate crypto ownership, accounting for 48% of users respectively.

The findings point to the growing use of crypto “for utility rather than speculation,” according to the report’s authors.

“While the industry chased countless "killer apps," stablecoins and everyday crypto payments have quietly become the real breakout use case,” Reown CEO Jess Houlgrave said.

That’s borne out by the survey’s findings. While crypto trading remains the most enjoyed onchain activity according to 36% of those surveyed, payments are now ranked second, at 10%—and 14% of users say it’s the activity they’re most excited about in the future. Crypto payments adoption has also increased year-on-year, with usage rising to 34% across WalletConnect users.

Stablecoins have emerged as one of the key use cases for crypto, with the passing of the GENIUS Act  in the U.S. establishing a regulatory framework for stablecoins—and giving the green light for banks and retail giants to trade and issue stablecoins.

The recent IPO of stablecoin issuer Circle has cemented the growing importance of payments and stablecoins to the crypto sector, while retail giants including Amazon and Walmart are mulling issuing their own stablecoins, according to a June 2025 report in the Wall Street Journal.

“We are entering an exciting period of growth,” said Nikola Pleca
Vice President, Payments at TON Foundation. He added that “regulation will rapidly catch-up in many jurisdictions globally and provide consumers with new crypto payment options especially in fiat stablecoins.”

Overcoming barriers to adoption

However, there are still barriers to adoption that must be overcome in order for crypto payments to realize their full potential.

“Paying with crypto is still too hard,” Houlgrave said, explaining that “the experience still lags” behind the promise of crypto payments. While crypto payments are the favored use case for a tenth of users, over 70% hold funds on centralized exchanges, according to the report.

That user friction is exacerbated by the fragmentation of networks and chains, with 54% of users managing multiple wallets and 48% saying that they do so because of network and chain support.

The “gap between utility and UX is where we lose users,” Houlgrave said, adding that Reown is “focused on closing this gap.”

Mirna Barac, Payments Manager at Reown, explained that the firm is addressing the challenge of bringing Web2 businesses into the onchain economy through tools such as Reown AppKit, a full stack toolkit for building onchain app UX.

Reown AppKit “reduces complexity for both businesses and users” by handling onramps, stablecoin transfers, and multi-chain transactions, while features including social logins, smart account abstraction, and fiat-to-crypto flows “remove friction from the experience.” By building compliance-ready solutions using tools such as Reown AppKit, she added, enterprises can “integrate onchain payments without legal uncertainty.”

With the emergence of solutions that directly address the pain points of crypto payments, Houlgrave said, the industry is at a “turning point,” where “we’re suddenly within reach of onchain UX that competes with, and sometimes outperforms, Web2 norms.”

“The next 100 million crypto users won’t arrive through trading,” she said. “They’ll arrive through intuitive, embedded, real-world payment experiences.”