The stablecoin sector processed $1.8 trillion in monthly transactions as digital asset prices weakened. On-chain data shows rapid payment growth despite a four-month market decline. Network activity indicates expanding use across settlement, payroll, and cross-border transfers.
Santiment reported that Tether wallet addresses on Ethereum fell by 72,841 within 48 hours ending March 31. The decline equals 0.54% and marks a rare contraction in holder growth. Santiment said such drops “rarely happen under normal conditions.”
The data mirrors a late-December 2024 event, when Bitcoin rose 10% over two weeks. Santiment stated that sharp wallet contractions often reflect exhaustion rather than fresh selling pressure.
Rand Group data shows the stablecoin market grew from $350 billion to $1.8 trillion in under two years. USDT and USDC account for most of that volume across major blockchains. The increase occurred while crypto prices trended lower during the same period.
Solana overtook Ethereum and Tron in adjusted monthly stablecoin transaction volume by January 2026. Its share expanded rapidly during the second half of 2025. Analysts attribute the shift to high-frequency, low-value payment flows.
Ethereum retained dominance in tokenized asset settlement despite losing volume leadership. Token Terminal data shows Ethereum hosts 61.4% of tokenized assets, totaling $206.2 billion. BlackRock, Franklin Templeton, and WisdomTree selected Ethereum for tokenization products.
Dune Analytics reported that the non-USD stablecoin supply reached $1.2 billion in February 2026. Transfer volume increased 16x since 2023, while unique holder addresses grew 30x. Euro-denominated tokens account for about 80% of the non-USD supply.
Circle’s EURC drives most euro issuance across DeFi lending platforms Aave, Morpho, and Fluid. The European Union’s MiCA framework provided legal clarity for compliant issuers in 2024. Tether discontinued EURT in November 2024 after failing to meet MiCA requirements.
Non-USD supply briefly fell to about $350 million before recovering above $1.1 billion. Brazil recorded an eightfold annual growth in real-denominated stablecoin volume linked to PIX integration. Singapore expanded XSGD usage across wallets and QR systems, while Japan advanced JPYC issuance under updated regulations.
Dune categorized $10 billion in monthly non-USD volume across Solana and EVM chains. Transfers linked to payments and peer activity represented 38% of tracked flows. Lending protocols accounted for 29%, while decentralized exchanges comprised 17%.
Centralized exchange flows represented 14% of the recorded volume. When analysts exclude EURC lending, payments account for about 80% of the remaining activity. The data shows most transfers relate to payroll, settlement, and cross-border transactions.
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