Stablecoin Net Inflows Reach $46B in Q3 2025 Surge

Background: Record Stablecoin Net Inflows in Q3 2025

Stablecoin net inflows surpassed $46 billion in the past 90 days, underlining a sharp increase in demand for US dollar-pegged crypto assets within the broader cryptocurrency market. According to data from RWA.xyz reported via Cointelegraph, major stablecoins such as Tether’s USDt (USDT) and Circle’s USDC experienced unprecedented growth in net inflows during the third quarter of 2025.

Tether’s USDT led the quarter, netting $19.6 billion in new funds. Circle’s USDC ranked second with $12.3 billion in inflows. Newcomer Ethena’s synthetic stablecoin, USDe, contributed $9 billion, highlighting the rising interest in algorithmic and innovative stablecoin projects.

Other stablecoin issuers also reported significant additions. PayPal USD (PYUSD) registered $1.4 billion in inflows, and MakerDAO’s USDS increased by $1.3 billion. Emerging options such as Ripple’s RLUSD and Ethena’s USDtb displayed steady, if smaller, gains.

Market Trends and Adoption Patterns

The latest surge in stablecoin net inflows brought the total to $56.5 billion over the past six months, with the bulk of new supply minted in the third quarter. This uptrend reflects accelerated demand not just for Tether’s USDT and Circle’s USDC, but also for algorithmic stablecoins like Ethena USDe.

During this period, Ethereum maintained its position as the most popular blockchain for stablecoins, hosting $171 billion of the total circulating supply. Tron was the next largest player, supporting $76 billion, while Solana, Arbitrum, and BNB Chain held a combined $29.7 billion.

Market share data from DeFiLlama showed that Tether’s USDT dominates with nearly 59% of the overall stablecoin market. Circle’s USDC follows at approximately 25%, and Ethena’s USDe now accounts for about 5%. Learn more about stablecoin trends.

Challenges Despite Market Growth

Despite this record growth in market cap and net inflows, some activity metrics have declined. RWA.xyz reported that monthly active addresses dropped to 26 million, down 22.6% from the previous month. The total volume of transfers also fell to $3.17 trillion, representing an 11% decrease compared to the previous period.

Overall, the total market capitalization for stablecoins reached approximately $290 billion in the last 30 days, signaling sustained investor preference for stable, dollar-linked crypto assets even as transaction activity moderated.

What’s Next for Stablecoin Growth?

The current momentum in stablecoin net inflows indicates robust confidence in both traditional and algorithmic stablecoins. While Tether’s USDT and Circle’s USDC remain the industry leaders, projects like Ethena USDe reflect growing diversification and innovation in digital dollar assets. Continued monitoring of on-chain activity and market dynamics will be crucial for assessing whether this growth persists amid changing regulatory, technological, and economic conditions.

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