Stablecoin activity showed mixed signals on April 28, 2025, as Whale Alert tracked two large $USDC Treasury transactions. The mints added 500 million $USDC to the market while broader transfer volume declined over the past 30 days.
Each transaction minted 250 million $USDC, bringing the combined issuance to 500 million tokens. However, the $USDC Treasury stablecoin mint came during a mixed period for the wider stablecoin market.
Transfer volumes were falling while market cap, holder numbers, and number of active wallets were increasing. The data confirmed that the stablecoin segment was growing, yet more supply and adoption were not contributing to increased on-chain activity.
Stablecoin Growth Outpaces Transfers
According to RWA.xyz, 30-day stablecoin transfer volume dropped 19.18% to $8.31 trillion as of April 28. Stablecoin market capitalization rose 2.06% to $305.29 billion during the same period. The number of stablecoin holders increased 2.32% to 246.94 million.
Monthly active addresses also edged up 0.26% to 51.28 million. This showed that user participation rose slightly despite the lower transfer value.
Source: RWA.xyz
Net flow data showed stronger demand for several major stablecoins. Tether’s USDT led 30-day inflows with $3.6 billion, followed by Circle’s $USDC with $2 billion. MakerDAO’s DAI added $1.2 billion during the same period.
Outflows were led by Ethena’s USDe, which recorded $1.1 billion in net withdrawals. Paxos’ PYUSD also posted $509 million in net outflows.
The decline in broader stablecoin transfer volume followed stronger activity on some major blockchain networks. Fidelity highlighted that trend in its Q2 Signals Report, citing Coin Metrics data on Ethereum stablecoin transfers.
Ethereum and Solana Show Stablecoin Utility
Ethereum stablecoin transfer values had recently exceeded historical averages, according to the report. Over the last 12 months, stablecoin transfer value on Ethereum exceeded $18 trillion. Fidelity said this suggested that network utility remained active even while crypto prices stayed under pressure.
The company said stablecoins may be used for payments, settlement, and on-chain access to the dollar. This activity appeared separate from broader market sentiment.
Solana showed a similar trend at a smaller scale. Fidelity cited Coin Metrics data showing that Solana consistently processed more than $5 billion in stablecoin volume. Its 30-day average transfer volume increased from $6.7 billion to $7.2 billion as of March 31.
Fidelity said the data may show Solana moving toward more mainstream financial activity. The report noted this shift after Solana’s close association with memecoin trading.
The latest $USDC mint adds another signal to the stablecoin market. Supply and holder growth remain positive, but weaker transfer volume shows that usage patterns are changing across blockchain networks.
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