Stablecoin Volume Drops 19% Despite Supply Growth
Stablecoin transfer volume dropped 19.18% over the past 30 days, shrinking to $8.31 trillion as of April 28, 2026, according to data from RWA.xyz. At the same time, stablecoin market capitalization rose 2.06% to $305.29 billion, while the number of holders increased by 2.32% to 246.94 million. The divergence suggests that while more capital is flowing into stablecoins, fewer funds are being actively moved on-chain. Leading the net inflows was Tether‘s USDT, which added $3.6 billion in supply, followed by Circle’s USDC ($2 billion) and MakerDAO‘s DAI ($1.2 billion). On the other side, Ethena’s USDe saw the largest outflows with $1.1 billion, while Paxos PYUSD lost $509 million. Despite these inflows, the overall reduction in activity reflects a cooling of network utilization compared to the previous month. The decline comes after a period of heightened stablecoin activity, particularly on Ethereum and Solana. Fidelity‘s Q2 Signals Report highlighted that Ethereum’s stablecoin transfer volume exceeded historical averages, with the past 12 months surpassing $18 trillion in value. Solana also showed steady growth, with its 30-day average transfer volume climbing to $7.2 billion as of March 31. These trends indicate that stablecoins continue to facilitate payments and settlements, but the recent drop may point to