Safe Hits $10B in Quarterly Activity and Crosses 61M Accounts in Bear Market - Crypto Economy

TL;DR

• Safe processed 4,779K ETH in Q1 volume, topping $10 billion, while transactions reached 122.9 million and total accounts climbed to 61.11 million.
• March set records with 852,000 new accounts and 50.9 million transactions, showing acceleration despite weak market conditions.
• Safe also highlighted $35.25 billion in secured assets, $10 million ARR crossed in 2025, a $9 million EURCV vault, and 40+ product updates during the quarter in total.

Safe published its first quarterly report, using a new reporting cadence to argue that self-custody infrastructure kept expanding even as broader market conditions stayed weak. The headline number is hard to miss: more than $10 billion in quarterly volume moved through Safe while account growth pushed beyond 61 million. During Q1 2026, the protocol processed 4,779K ETH in transaction volume, up 25% from Q4 2025, and handled more than 122.9 million transactions. New accounts reached 2.21 million in the quarter, taking the total to 61.11 million.

The quarter also showed momentum building month by month rather than fading with market sentiment. March became the clearest proof that adoption did not stall in a bear market, but accelerated into new records for account creation and transaction activity. Safe added 852,000 net new accounts in March alone, the largest single-month increase in its history, while monthly transactions hit 50.9 million, another record. Those figures helped turn what could have been framed as resilience into something stronger: a claim that Safe is becoming default infrastructure for users and organizations operating onchain.


Product expansion and revenue traction gave the quarter more weight

The growth story was not limited to raw usage. Safe entered 2026 with signs that its business model is beginning to mature alongside the protocol’s network footprint. Earlier this year, the project disclosed that it had crossed $10 million in annualized recurring revenue during 2025, up fivefold from $2 million ARR at the end of 2024. On the product side, Safe{Labs} launched a euro-denominated yield product in February with SG-FORGE and Morpho, and the EURCV vault reached $9 million in deposits by quarter-end. More than 40 product and ecosystem updates shipped during the quarter.

Scale remains central to the message Safe is trying to send. What stands out is not just growth in transactions or accounts, but the widening role Safe claims inside the broader onchain economy. At quarter-end, Safe said it secured $35.25 billion in assets, representing more than one-third of total EVM DeFi TVL. It also said about 2% of the $340 billion global stablecoin market is held in Safe accounts. Coming after the launch of Safenet Beta, the quarter made Safe’s case clearly: even in a weak market, the infrastructure layer kept steadily getting bigger.