Aptos Stablecoin Supply Surpasses Ethereum: Understanding the APT Price Decline

Aptos's stablecoin supply has significantly increased, surpassing both Ethereum and BNB Chain. Despite this growth, the price of APT has been declining, influenced by lower trading volumes and a bearish market environment. Understanding these dynamics is essential for evaluating Aptos's current market position.

Key Takeaways

Aptos's stablecoin supply skyrocketed by 5.3 times in just one year, boosting its liquidity.
APT's price dropped approximately 11% over the past week due to declining fundamentals like DEX volume and transactions per second (TPS), all within a bearish market framework.
Even with a 36% increase in volume, selling pressure dominated, contributing to the price decline.
The stablecoin supply surge on Aptos directly challenges other major networks like Ethereum and BNB Chain.

Aptos stablecoin cap passes Ethereum: So why is APT's price declining?

Aptos Outpaces BNB Chain and Ethereum

Recent data from Artemis reveals that Aptos's stablecoin supply has grown more than fivefold over the past year. In just the last 24 hours, Aptos has outperformed both BNB Chain and Ethereum in terms of stablecoin inflows, with changes exceeding $500 million for Aptos, while BNB Chain saw slightly above $400 million, and Ethereum only recorded $200 million.

APT

Source: Artemis

This impressive growth in stablecoin supply showcases the increasing liquidity on the Aptos Layer 1 blockchain, but it hasn't been sufficient to support a stable price.

Weak Fundamentals Undermine Price

Data from DefiLlama indicates that monthly decentralized exchange (DEX) volume for Aptos plummeted by over three times. In October, Aptos processed $4.77 billion, which drastically fell to $1.52 billion in November. This decline in trading activity correlates strongly with the challenges in maintaining a strong price.

Mid-year, particularly in late Q2 and early Q3, Aptos enjoyed peak DEX volumes exceeding $4 billion.

Aptos APT

Source: DefiLlama

Moreover, APT's block times have been steadily decreasing throughout 2025, leading to slower transactions—from around 225 transactions per millisecond down to under 100. This slowdown is often observed during scaling phases of blockchain networks, adding to the challenges for APT’s price.

Current APT Price Trends: A Bearish Outlook

On the price charts, APT is trading within a descending trend channel, showing some signs of resilience as it remains above the midpoint of the channel established since mid-October. Despite this, the overall structure reflects a mildly bearish sentiment, as indicated by the RSI Divergence, which sits just below neutral. Conversely, the On Balance Volume (OBV) rose to $28.76 million.

Aptos

Source: TradingView

Looking ahead, if APT fails to maintain its position above the midpoint of the trend channel, it could test the $2.20 support level. Conversely, a breakthrough above the upper resistance might suggest a potential price reversal.