Stablecoin inflows soar 324% in one quarter
The stablecoin market recorded explosive growth in the third quarter of 2025, with net inflows jumping from $10.8 billion in Q2 to $45.6 billion in Q3 — a 324% surge. The rally was driven by Tether’s USDT, Circle’s USDC, and the rapid rise of Ethena’s USDe, signaling strong investor appetite for dollar-pegged digital assets.
Tether and USDC dominate stablecoin issuance
According to data from RWA.xyz, Tether’s USDT led the quarter with $19.6 billion in net inflows. Circle’s USDC followed closely with $12.3 billion, marking a dramatic leap from just $500 million in Q2. Ethena’s synthetic stablecoin USDe also gained traction with $9 billion in inflows, compared to only $200 million in the prior quarter.
Other stablecoin issuers also posted notable gains. PayPal’s PYUSD added $1.4 billion, MakerDAO’s USDS saw $1.3 billion, and new entrants such as Ripple’s RLUSD and Ethena’s USDtb began carving out their share of the market.
Why stablecoin inflows matter
Stablecoin inflows measure the net difference between tokens minted and redeemed within a set period. Positive inflows reflect growing circulation and signal stronger demand for stable, dollar-denominated crypto assets that are widely used for trading, payments, and DeFi.
Over the past six months, total inflows reached $56.5 billion, with Q3 accounting for the lion’s share. Tether’s USDT alone minted $9.2 billion in Q2 before nearly doubling its pace in Q3.
Ethereum remains the hub for stablecoins
Ethereum continues to dominate the stablecoin ecosystem, hosting $171 billion in supply, according to RWA.xyz. Tron ranks second with $76 billion, while Solana, Arbitrum, and BNB Chain collectively hold $29.7 billion.
From a market share perspective, DefiLlama data shows Tether’s USDT controls nearly 59% of the stablecoin market. Circle’s USDC remains its closest rival with about 25%, while Ethena’s USDe has already secured nearly 5% of the market despite being a newer entrant.
Stablecoin market cap hits $290B but activity cools
The total stablecoin market capitalization climbed to around $290 billion in the last 30 days, boosted by fresh inflows. However, on-chain activity showed signs of slowing. RWA.xyz reported monthly active addresses at 26 million, down 22.6% from the previous month, while transfer volumes fell 11% to $3.17 trillion.
Growing demand despite mixed metrics
The surge in stablecoin inflows underlines how USDT, USDC, and newer players like USDe are cementing their roles as essential liquidity anchors in the crypto market. While activity metrics dipped slightly, the sharp rise in net issuance highlights ongoing trust in stablecoins as a gateway between traditional finance and digital assets.
