Stablecoin inflows hit $46B in Q3 as USDT, USDC, and USDe lead
Stablecoins have seen explosive demand over the past quarter, recording more than $46 billion in net inflows, according to data from RWA.xyz.
Tether’s USDT led the way, bringing in $19.6 billion, while Circle’s USDC followed with $12.3 billion, reports Cointelegraph.
Ethena’s algorithmic stablecoin USDe stood out as a major newcomer, generating $9 billion in inflows during the same period. PayPal’s PYUSD and MakerDAO’s USDS added $1.4 billion and $1.3 billion, respectively, while newer entrants like Ripple’s RLUSD and Ethena’s USDtb gained steady traction. Net inflows reflect the amount of tokens minted versus redeemed, highlighting growing demand for dollar-pegged assets across crypto markets.
Quarterly growth underscores shift in demand
The latest quarter marked a sharp acceleration compared to earlier months, with inflows soaring 324% from the prior period. In the past six months, stablecoin inflows reached $56.5 billion, with Q3 alone contributing the bulk of that figure. USDT accounted for nearly half, minting $19.6 billion in the last three months versus $9.2 billion in Q2. USDC also staged a dramatic turnaround, climbing from just $500 million in Q2 net issuance to $12.3 billion in Q3.
Ethena’s USDe demonstrated the strongest momentum shift, jumping from $200 million in Q2 to $9 billion in Q3 inflows. Analysts say the surge reflects growing institutional usage and the appeal of both traditional and synthetic stablecoin models.
Ethereum leads stablecoin settlement despite weaker activity
Ethereum remains the dominant blockchain for stablecoins, hosting $171 billion in circulating supply, far ahead of Tron’s $76 billion. Other networks such as Solana, Arbitrum, and BNB Chain collectively host $29.7 billion, underscoring Ethereum’s liquidity advantage. Tether’s USDT continues to dominate market share with 59%, followed by USDC at 25% and USDe at nearly 5%.
Despite the surge in inflows, monthly active addresses fell 22.6% to 26 million, while transfer volume slipped 11% to $3.17 trillion. The overall stablecoin market cap, however, climbed to $290 billion, signaling that demand for dollar-pegged assets remains resilient even as on-chain activity fluctuates.
Recently we wrote that Tether is in talks with SoftBank Group Corp. and Ark Investment Management about a new funding round that would strengthen its position among the world’s most valuable private companies.
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