The stablecoin’s monthly transfer volume has fallen by nearly 20% over the past 30 days, even as the total market supply and number of holders has continued to grow.
According to according to data from RWA.xyz, stablecoin’s 30-day transfer volume fell 19.18% to $8.31 trillion as of April 28, while stablecoin’s market capitalization rose 2.06% to $305.29 billion over the same period. The number of stablecoin owners also increased by 2.32% to 246.94 million, while monthly active addresses increased by 0.26% to 51.28 million.
The difference suggests that stablecoin growth is not being transmitted evenly to onchain activity. While more capital appears to be in dollar-denominated cryptoassets, fewer dollars are moving across the blockchain compared to 30 days earlier.
30-day net flows were led by Tether’s USDT, which added $3.6 billion, followed by Circle’s USDC with $2 billion and MakerDAO’s DAI with $1.2 billion. Athena’s USDe recorded the largest net outflow of $1.1 billion, while Paxos’ PYUSD recorded $509 million in net outflows.
Stablecoin 30-Day Net Flows as of April 28, 2026 Source: RWA.xyz
Stablecoin momentum cools after stronger network activity
The drop in broader stablecoin transfer volume comes after stronger stablecoin activity was flagged on some of the major stablecoin blockchain networks.
In its Q2 Signals Report, asset manager Fidelity cited data from Coin Metrics showing that Ethereum stablecoin transfer values have recently exceeded historical averages, with the value of transfers over the past 12 months exceeding $18 trillion.
Total stablecoin transfer volume. Source: Fidelity
Fidelity said the trend suggests network utility has continued even as cryptocurrency prices have remained under pressure. The company said the increase may signal that stablecoins are being used for payments, settlement and onchain access to the dollar, regardless of broader market sentiment.
Related: Stablecoin inflows return to $1.7 billion as Washington grapples with yield rules
Solana showed a similar, albeit smaller, trend. Citing data from Coin Metrics, Fidelity showed that Solana has consistently handled more than $5 billion in stablecoin volume, while its 30-day average transfer volume rose from $6.7 billion to $7.2 billion as of March 31.
Fidelity said the data suggested Solana may have moved toward more financial activities after being closely associated with memecoin trading.
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