More than 70% of Stablecoin Transactions in Q3 2025 Were Conducted by Bots

Stablecoin transfers soared to an unprecedented $15.6 trillion in the third quarter of 2025, largely driven by automated trading bots, as reported by crypto exchange CEX.io.

On Wednesday, CEX.io’s market research analyst Illya Otychenko described the third quarter of 2025 as the “most active period” for stablecoins. In this quarter, stablecoin transfer values reached $15.6 trillion, marking a record high.

Otychenko informed Cointelegraph that their analysis, utilizing data from Visa/Allium and Artemis, indicated that bot-driven transfers constituted approximately 71% of the total Q3 stablecoin transfer volume.

Organic transactions not involving bots made up about 20%, while the remaining 9% pertained to internal smart contract transactions and intra-exchange activities.

Identifying bots is essential for policymakers

The researcher stated that it is “essential” for policymakers to differentiate between the two types when assessing systemic risk and actual adoption.

When inquired about distinguishing high-frequency trading bots from manipulative actions like wash trading, Otychenko told Cointelegraph that both metrics were included in the 71% figure.

“Both are included, and unlabeled high-frequency bots conducting over 1,000 transactions monthly and $10 million in monthly volume predominated that 71%,” Otychenko remarked.

He noted that maximal extractable value bots and those interacting with decentralized finance protocols accounted for less than half of the total stablecoin volume.

“This underscores that while bots contribute to liquidity and activity, a considerable portion might not indicate meaningful economic utilization,” he added.

Retail stablecoin transfers reach record levels

While the report highlighted the growth of unlabeled high-frequency transfers, which may inflate activity measures, it also pointed to a substantial increase in retail-sized stablecoin transfers below $250.

The report indicated that retail activity achieved a new all-time high in September and throughout the third quarter, making 2025 the “most active year ever for retail stablecoin usage.” It estimated that retail-sized stablecoin activity would exceed $60 billion by the year’s end.

CEX.io mentioned that trading continues to be the primary catalyst for retail adoption. The exchange’s internal data revealed that nearly 88% of transactions under $250 were linked to exchange activities.

However, an increasing proportion is associated with remittances, payments, and fiat cash outs, indicating use cases beyond trading.

Overall, non-trading stablecoin activity surged over 15% in 2025, showcasing stablecoins’ appeal for daily transactions.

“Both categories indicate stablecoins’ expanding role in facilitating payments, remittances, and cashing out earnings,” CEX.io stated.

Related: Stablecoin boom risks ‘cryptoization’ as fragmented regulations leave economies vulnerable: Moody’s

USDT and USDC lead with $46 billion quarterly inflows

Besides transaction volume, net inflows, representing the difference between stablecoins created and redeemed, also surged in Q3 2025. Data from RWA.xyz revealed that during Q3, stablecoins experienced over $46 billion in net inflows.

Tether’s USDT topped the quarter with nearly $20 billion in net inflows, followed by Circle’s USDC with $12.3 billion. Additionally, synthetic stablecoin Ethena USDe (USDe) garnered $9 billion in net inflows during the quarter.