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

Stablecoin transfer volume fell more than 19% in 30 days even as supply, holders and active addresses continued to climb.

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.