Stablecoin transfer volume drops 19% even as supply keeps rising: RWA.xyz

Stablecoin monthly transportation measurement fell by astir 20% implicit the past 30 days, adjacent arsenic the market’s full proviso and holder number continued to rise. 

According to information from RWA.xyz, 30-day stablecoin transportation measurement dropped 19.18% to $8.31 trillion arsenic of April 28, portion stablecoin marketplace capitalization roseate 2.06% to $305.29 cardinal implicit the aforesaid period. The fig of stablecoin holders besides accrued by 2.32% to 246.94 million, portion monthly progressive addresses edged up 0.26% to 51.28 million.

The divergence suggests that stablecoin maturation is not translating evenly into onchain activity. While much superior appears to beryllium sitting successful dollar-denominated crypto assets, less dollars are being moved crossed blockchains compared with 30 days earlier. 

The 30-day nett flows were led by Tether’s USDT, which added $3.6 billion, followed by Circle’s USDC with $2 cardinal and MakerDAO’s DAI with $1.2 billion. Ethena’s USDe saw the largest nett outflow astatine $1.1 billion, portion Paxos’ PYUSD recorded $509 cardinal successful nett outflows. 

30-day stablecoin nett flows arsenic of April 28, 2026. Source: RWA.xyz

Stablecoin momentum cools aft stronger web activity

The diminution successful broader stablecoin transportation measurement comes aft stronger stablecoin enactment was flagged connected immoderate of the large blockchain networks for stablecoins. 

In its Q2 Signals Report, plus manager Fidelity cited Coin Metrics information showing that Ethereum’s stablecoin transportation values had precocious exceeded humanities averages, with transportation worth implicit the past 12 months surpassing $18 trillion.

Aggregate stablecoin transportation volume. Source: Fidelity

Fidelity said the inclination suggested web inferior persisted adjacent arsenic crypto prices remained nether pressure. The institution said the summation whitethorn awesome that stablecoins are being utilized for payments, colony and onchain entree to the dollar, careless of broader marketplace sentiment. 

Related: Stablecoin inflows rebound to $1.7B arsenic Washington battles implicit output rules

Solana showed a similar, though smaller, trend. Citing Coin Metrics data, Fidelity showed that Solana consistently processed implicit $5 cardinal successful stablecoin volume, portion its 30-day mean transportation measurement accrued from $6.7 cardinal to $7.2 cardinal arsenic of March 31. 

Fidelity said the information suggest that Solana whitethorn beryllium moving toward much mainstream fiscal enactment aft being intimately associated with memecoin trading. 

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