Stablecoin transfer volume drops by 19%, but supply is increasing

CryptoWorld News reports that the transfer volume of stablecoins has fallen by more than 19% over the past 30 days, even as supply, holders, and the number of active addresses continue to rise. According to data from RWA.xyz, as of April 28, the 30-day stablecoin transfer volume decreased by 19.18%, dropping to $8.31 trillion, while the stablecoin market capitalization increased by 2.06% in the same period, reaching $305.29 billion. The number of stablecoin holders also rose by 2.32% to 246.94 million, while monthly active addresses inched up by 0.26% to 51.28 million. This phenomenon shows that stablecoin growth has not been evenly converted into on-chain activity. Although more capital appears to remain in USD-denominated crypto assets, the amount of USD transferred across blockchains has decreased compared with 30 days ago. The net inflow over 30 days was led by Tether’s USDT, increasing by $3.6 billion; followed by Circle’s USDC, increasing by $2.0 billion; and MakerDAO’s DAI, increasing by $1.2 billion. Ethena’s USDE recorded the largest net outflow of $1.1 billion, while Paxos’s PYUSD recorded a net outflow of $509 million.