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

Stablecoin monthly transfer volume fell by nearly 20% over the past 30 days, even as the market’s total supply and holder count continued to rise.

According to data from RWA.xyz, 30-day stablecoin transfer volume dropped 19.18% to $8.31 trillion as of April 28, while stablecoin market capitalization rose 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 monthly active addresses edged up 0.26% to 51.28 million.

The divergence suggests that stablecoin growth is not translating evenly into onchain activity. While more capital appears to be sitting in dollar-denominated crypto assets, fewer dollars are being moved across blockchains compared with 30 days earlier.

The 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. Ethena’s USDe saw the largest net outflow at $1.1 billion, while Paxos’ PYUSD recorded $509 million in net outflows.

30-day stablecoin net flows as of April 28, 2026. Source: RWA.xyz

Stablecoin momentum cools after stronger network activity

The decline in broader stablecoin transfer volume comes after stronger stablecoin activity was flagged on some of the major blockchain networks for stablecoins.

In its Q2 Signals Report, asset manager Fidelity cited Coin Metrics data showing that Ethereum’s stablecoin transfer values had recently exceeded historical averages, with transfer value over the past 12 months surpassing $18 trillion.

Aggregate stablecoin transfer volume. Source: Fidelity

Fidelity said the trend suggested network utility persisted even as crypto prices 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.

Solana showed a similar, though smaller, trend. Citing Coin Metrics data, Fidelity showed that Solana consistently processed over $5 billion in stablecoin volume, while its 30-day average transfer volume increased from $6.7 billion to $7.2 billion as of March 31.

Fidelity said the data suggest that Solana may be moving toward more mainstream financial activity after being closely associated with memecoin trading.