Stablecoin on-chain transfer volume fell to $8.31 trillion over the past 30 days, marking a 19.18% decrease, according to RWA xyz data as of April 28. Despite this decline, the total market capitalization of stablecoins rose by 2.06% to $305.29 billion, and the number of holding addresses increased by 2.32% to 246.94 million. This divergence suggests that while the stablecoin market is expanding, it is not translating into increased on-chain settlement and transfer activity, indicating that more funds may be in a 'held but not moving' state. In terms of net inflows over the past 30 days, USDT saw an increase of $3.6 billion, and USDC rose by $2 billion. Conversely, USDe experienced a net outflow of $1.1 billion, making it the largest outflow among stablecoins.