Supply Growth Continues While Stablecoin Transfer Activity Plunges 19%: RWA.xyz
Latest RWA.xyz figures reveal stablecoin market capitalization and user base grew throughout the month, even as transaction volume declined approximately 20% on blockchain networks.
Transfer activity for stablecoins across blockchain networks declined by almost 20% during the previous 30-day period, despite ongoing expansion in both total market supply and the number of users holding these digital assets.
Data sourced from RWA.xyz reveals that stablecoin transfer volume over a 30-day period contracted by 19.18% to reach $8.31 trillion on April 28, whereas the overall market capitalization of stablecoins climbed 2.06% to hit $305.29 billion during the identical timeframe. Concurrently, the total number of individuals holding stablecoins grew by 2.32% to 246.94 million, and monthly active addresses experienced a modest increase of 0.26% to reach 51.28 million.
This divergence indicates that expansion in the stablecoin sector is not uniformly reflected in blockchain transaction activity. Although greater amounts of capital seem to be locked in these dollar-pegged cryptocurrency assets, the actual movement of dollars across blockchain networks has decreased when compared to the figures from one month prior.
Examining the 30-day net flows, Tether's USDT dominated by adding $3.6 billion, with Circle's USDC following at $2 billion and MakerDAO's DAI contributing $1.2 billion. In contrast, Ethena's USDe experienced the most significant net outflow of $1.1 billion, whereas Paxos' PYUSD saw $509 million in net outflows.
Stablecoin momentum cools after stronger network activity
This reduction in overall stablecoin transfer volume follows a period during which more robust stablecoin activity was observed across several major blockchain networks that support these assets.
Within its Q2 Signals Report, investment management firm Fidelity referenced Coin Metrics data indicating that the value of stablecoin transfers on Ethereum had recently surpassed historical average levels, with aggregate transfer value throughout the preceding 12 months exceeding $18 trillion.
According to Fidelity, this trend indicated that network utility remained strong even during periods when cryptocurrency prices faced downward pressure. The firm noted that this uptick might indicate that stablecoins are being utilized for payment processing, settlement operations and providing blockchain-based access to the United States dollar, irrespective of overall market conditions.
A comparable pattern emerged on Solana, albeit on a smaller scale. Referencing Coin Metrics data, Fidelity demonstrated that Solana reliably processed more than $5 billion in stablecoin transaction volume, with its 30-day average transfer volume rising from $6.7 billion to $7.2 billion by March 31.
According to Fidelity's analysis, this data implies that Solana could be transitioning toward more conventional financial use cases following its strong association with speculative memecoin trading activity.