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USDT, USDC Activity Drops To Lowest Level Of 2026 On Ethereum

Keshav Verma
Keshav Verma
Last Updated: April 15, 2026 7:00 am
3 mins read
USDT & USDC Stablecoins

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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.

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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:

USDC vs USDT Active Addresses
The two metrics appear to have plummeted in recent days | Source: Santiment on X

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.

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In related news, USDT has seen its market cap reverse course recently, as CryptoQuant community analyst Maartunn has highlighted in an X post.

USDT Market Cap

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.

Ethereum Price Chart
The price of the coin seems to have surged in the past day | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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