A recent study by Dune has provided an in-depth analysis of the stablecoin market, revealing significant insights into the flow and demand within this $300 billion sector. The study highlights that the fully diluted supply of the top 15 stablecoins reached $304 billion as of January 2026, marking a 49% increase from the previous year. Dominating the market are Tether's USDT and Circle's USDC, which together hold 89% of the market share. The report also sheds light on the concentration of stablecoin holdings, with centralized exchanges holding $80 billion and whale wallets $39 billion. Notably, the study found that 172 million unique addresses hold these stablecoins, with USDT and USDC exhibiting broad distribution. However, other stablecoins show high concentration, with the top 10 wallets holding up to 99% of the supply in some cases. In January 2026, stablecoin transfer volumes reached $10.3 trillion, more than doubling from the previous year. USDC led in transfer volume, despite having a smaller supply than USDT, indicating its higher velocity and usage as a medium of exchange. The study emphasizes the importance of understanding stablecoin velocity and usage patterns across different blockchains, providing a comprehensive view of their role in the crypto ecosystem.