RWA xyz data shows that as of April 28, the on-chain transfer volume of stablecoins over the past 30 days dropped to $8.31 trillion, a decrease of 19.18% month-over-month; during the same period, the total market cap of stablecoins increased by 2.06% to $305.29 billion, and the number of holding addresses increased by 2.32% to 246.94 million. This divergence indicates that the expansion of stablecoin scale has not been simultaneously translated into growth in on-chain settlement and transfer activity, and more funds may be in a "hold but not active" state. Over the past 30 days, net inflows saw USDT increase by $3.6 billion, USDC increase by $2 billion; USDe experienced a net outflow of $1.1 billion, making it the largest outflow project. (Cointelegraph)