USDC Active Addresses Slid 40% From March 21 to April 23, 2026, Then Rebounded

USDC activity on Ethereum (ERC20) cooled sharply as the 7-day SMA of active addresses fell from 197,265 on March 21, 2026 to 118,600 on April 23, before recovering to 145,114 by May 8. As of May 12, total ERC20 USDC supply stood at 54.4B and exchange reserves were 14.7B, framing the rebound as partial rather than a return to peak engagement.