Monthly Stablecoin transfer volume has declined by almost 20% over the past 30 days, even as total market supply and the number of holders continued to enhance.
According to According to RWA.xyz data, 30-day stablecoin transfer volume dropped 19.18% to $8.31 trillion as of April 28, while stablecoin market capitalization increased 2.06% to $305.29 billion over the same period. The number of stablecoin holders also increased by 2.32% to 246.94 million, while the number of monthly vigorous addresses increased by 0.26% to 51.28 million.
The discrepancy suggests that stablecoin growth is not spreading evenly into onchain activity. While more capital appears to be in dollar-denominated crypto assets, fewer dollars are moving through blockchains compared to 30 days earlier.
In 30-day net flows, Tether’s USDT contributed the most, adding $3.6 billion, followed by USDC Circle with $2 billion and DAI MakerDAO with $1.2 billion. Ethena’s largest net outflow was $1.1 billion, while Paxos’ PYUSDe saw a net outflow of $509 million.
30-day stablecoin net flows as of April 28, 2026 Source: RWA.xyz
Stablecoin dynamics chilly down after increased network activity
The decline in broader stablecoin transfer volume comes after higher stablecoin activity was recorded on some major stablecoin blockchain networks.
In its second quarter signals report, asset manager Fidelity cited Coin Metrics data showing that the value of Ethereum stablecoin transfers has recently exceeded historical averages, with the transfer value over the last 12 months exceeding $18 trillion.
Total stablecoin transfer volume. source: Fidelity
Fidelity said the trend suggested the network’s utility held even as cryptocurrency prices remained under pressure. The company said the enhance could signal that stablecoins are being used for payments, settlements and dollar access on the network, regardless of broader market sentiment.
Related: Stablecoin inflows rebound to $1.7 billion as Washington fights over profitability rules
Solana showed a similar, although smaller, trend. Citing Coin Metrics data, Fidelity showed that Solana consistently processed more than $5 billion in stablecoins, while its 30-day average transfer volume increased from $6.7 billion to $7.2 billion as of March 31.
Fidelity says the data suggests Solana could pivot toward a more mainstream financial business after being closely associated with memecoin trading.
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