When supply increases, Stablecoin transfer rate decreases by 19%
Stablecoin monthly turnover has dropped nearly 20% over the past 30 days, even as the market's overall supply and owner count continue to rise.
According to data from RWA.xyz, the 30-day stablecoin turnover fell 19.18% to $8.31 trillion as of April 28, while the stablecoin market capitalization rose 2.06% to $305.29 billion over the same period. Monthly active addresses increased by 0.26% to 51.28 million while the number of stablecoin holders increased by 2.32% to 246.94 million.
The difference suggests that stable coin growth does not translate equally to onchain activity. While more capital appears to be sitting in dollar-denominated crypto assets, fewer dollars have moved across the blockchain compared to 30 days ago.
30-day net inflows were led by Tether USDT at $3.6 billion, followed by Circles USDT at $2 billion and MakerDAO DAI at $1.2 billion. While Aetna saw the largest USD net inflow at USD 1.1 billion, Paxos PUSD netted USD 509 million.
30-day stablecoin net flows since April 28, 2026. Source: RWA.xyz
Stablecoin speed slows down after strong network activity
The decline in the broader Stalkcoin transfer rate comes after strong Stalkcoin activity was suggested on some major blockchain networks.
In its Q2 Signal report, asset manager Fidelity cited CoinMetrics data as saying that Ethereum's stablecoin transaction value has recently exceeded its historical average, with transaction value exceeding $18 trillion over the past 12 months.
Total amount of stablecoin transfer. Source: Fidelity
Fidelity said the trend suggested by the network service continued even as crypto prices remained under pressure. The company said the increase could indicate a stable coin used for payments, settlements and the dollar onchain, regardless of broader market sentiment.
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Solana showed a similar trend, albeit to a lesser extent. Citing data from CoinMetrics, Fidelity Solana has consistently handled more than $5 billion in stablecoin volume, while its 30-day average volume has risen from $6.7 billion to $7.2 billion as of March 31.
Fidelity said that the data suggests that Solana may move to regular financial activities after becoming closely associated with the memecoin business.
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