Summary
- Stablecoin transfer volume fell 19.18%% over the past 30 days, while market capitalization and the number of holders increased.
- Capital is accumulating in the form of stablecoins across the market, but is not translating into on-chain transaction activity.
- Tether (USDT), Circle (USDC) and MakerDAO (DAI) posted net inflows, while Ethena (USDe) and Paxos (PYUSD) recorded net outflows.
Forecast Trend Report by Period
Stablecoin supply and the number of holders are rising even as actual transfer activity slows.
Cointelegraph reported on April 28 that stablecoin transfer volume over the past 30 days totaled $8.31 trillion, down 19.18% from the previous month. Over the same period, market capitalization rose 2.06% to $305.29 billion.
The number of holders increased 2.32% to 246.94 million, while monthly active addresses edged up 0.26% to 51.28 million.
The trend suggests capital is accumulating in stablecoins across the market, even as actual on-chain movement is slowing. Put another way, funds are flowing into dollar-based digital assets without leading to trading activity.
By asset, Tether's USDT recorded the largest net inflow at about $3.6 billion. Circle's USDC posted net inflows of $2 billion, while MakerDAO's DAI added $1.2 billion. Ethena's USDe, by contrast, saw net outflows of $1.1 billion, and Paxos's PYUSD posted net outflows of about $509 million.
At the same time, some networks are showing broader stablecoin use. Fidelity said stablecoin transfers on the Ethereum network exceeded $18 trillion over the past 12 months, topping the historical average.
Solana is also processing billions of dollars in daily stablecoin transactions, pointing to a gradual expansion in use. The market views stablecoins as continuing to serve payments, settlement and access to on-chain dollars, even as transaction activity has softened in the short term.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
