Stablecoin transfer volume fell 19.18% over the past 30 days to $8.31 trillion, even as total supply and user adoption continued to increase, according to RWA.xyz.
Market capitalisation rose 2.06% to $305.29 billion over the same period, while holders climbed 2.32% to 246.94 million and active addresses edged up to 51.28 million.
The divergence suggests that while more capital is entering stablecoins, fewer transactions are occurring onchain, indicating reduced movement of funds despite rising adoption.
Net inflows were led by Tether’s USDT at $3.6 billion, followed by Circle’s USDC at $2 billion and MakerDAO’s DAI at $1.2 billion, while Ethena’s USDe and Paxos’ PYUSD recorded notable outflows.
The slowdown follows a period of stronger network activity, with Fidelity reporting that Ethereum stablecoin transfers exceeded $18 trillion over the past 12 months, signalling sustained underlying utility.
Following the announcement the stablecoin market was unchanged at $305.29 billion.
Fidelity also noted that Solana has maintained over $5 billion in stablecoin volume with rising averages, suggesting the network is shifting toward broader financial use cases beyond memecoin trading.
At the time of reporting, Ethereum price was $2,328.85.