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On-chain data shows the Ethereum versions of USDT and USDC, the two largest stablecoins, have seen their active addresses fall to the lowest level of 2026.
USDC & USDT Active Addresses Have Fallen On The Ethereum Network
In a new post on X, on-chain analytics firm Santiment has talked about the latest trend in the Daily Active Addresses for the Ethereum versions of USDT and USDC. This indicator measures the daily total number of addresses participating in some kind of transaction activity on the network.
When the value of this metric goes up, it means more addresses are coming online on the blockchain every day. Such a trend implies user interest in the cryptocurrency is rising.
On the other hand, the indicator observing a decline suggests holders of the asset are reducing their transaction activity as fewer of them are making moves on the network.
Now, here is the chart shared by Santiment that shows the trend in this metric for USDT and USDC on the Ethereum blockchain over the last few months:
As displayed in the above graph, both the top two stablecoins have seen a drawdown in the Daily Active Addresses, suggesting activity related to them has declined. More specifically, the metric has dropped to 202,300 for USDT and 109,300 for USDC. Both these values are the lowest that they have been since December.
Stablecoins occupy a different spot in the sector than volatile assets like Bitcoin and Ethereum; investors use them when they want to stash their capital away from the volatility associated with the other cryptocurrencies.
Because of this reason, stablecoins are often considered to represent the “dry powder” sitting on the sidelines in the digital asset sector. Whenever these tokens are on the move, it means investors are either stashing away capital or injecting it into the volatile side.
Given that the Daily Active Addresses has plunged for the Ethereum blockchain version of USDT and USDC recently, it would appear that there isn’t much demand for stablecoin-related swaps right now.
Interestingly, this trend has come alongside a recovery surge in Ethereum and other assets. As such, it’s possible that the volatility could soon ignite fresh activity in the space. As Santiment explained:
With Bitcoin making good momentum today and pushing toward $75K, expect for traders’ buying power to pick up a bit as they look to take more chances. More volatility means more ‘dry powder’ being moved.
In related news, USDT has seen its market cap reverse course recently, as CryptoQuant community analyst Maartunn has highlighted in an X post.
The trend in the 60-day market cap change for USDT | Source: @JA_Maartun on X
From the chart, it’s apparent that the 60-day change in the USDT market cap was negative earlier, but it’s just now starting to make its way back into the positive territory.
ETH Price
At the time of writing, Ethereum is floating around $2,300, up 10% in the last seven days.
