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    Stablecoins See $45 Billion in Net Inflows in Q3 2025, Driven by USDT and USDC

    Ethan CarterBy No Comments3 Mins Read
    1759185476

    Stablecoins have seen over $46 billion in net inflows in the past 90 days, demonstrating a growing appetite for US dollar-backed assets within the crypto market.

    On Monday, analytics provider RWA.xyz reported that Tether’s USDt (USDT) led the quarter with $19.6 billion in net inflows, followed by Circle’s USDC (USDC) at $12.3 billion. Ethena’s synthetic stablecoin Ethena USDe (USDe) also made a significant impact, garnering $9 billion.

    Other notable contributions came from PayPal USD (PYUSD) with $1.4 billion in net inflows, and MakerDAO’s USDS (USDS) with $1.3 billion. Emerging projects such as Ripple’s Ripple USD (RLUSD) and Ethena’s USDtb also demonstrated consistent growth.

    Net inflows for stablecoins indicate the difference between the amount minted and redeemed over a specific period. Positive inflows indicate that more tokens were introduced to the market than were withdrawn, reflecting an increasing demand for dollar-pegged crypto assets.

    019994b4 c98c 7ad4 b4f1 e542fe3c5cd0
    Stablecoin net flows in the last 90 days. Source: RWA.xyz 

    Stablecoin inflows surged by over 324% 

    Total stablecoin inflows reached $56.5 billion in the last six months, with only $10.8 billion reported in the second quarter. The third quarter saw a remarkable increase, signaling a rapid acceleration in demand, driven not just by USDT and USDC but also by the emergence of algorithmic options like USDe.

    Tether’s USDT dominated both Q2 and Q3, minting $19.6 billion this quarter and $9.2 billion from April to June. USDC showed significant growth as well, rising from $500 million in net issuance last quarter to $12.3 billion in Q3.

    Ethena’s USDe experienced most of its growth in the last quarter, with $9 billion in inflows compared to a mere $200 million the previous quarter.

    Related: The stablecoin boom poses risks of ‘cryptoization’ as fragmented regulations leave economies vulnerable: Moody’s

    Ethereum continues to dominate as the leading chain for stablecoins

    Ethereum remains the foremost network for stablecoins. Data from RWA.xyz indicated that the network supports $171 billion in circulating stablecoin supply, while Tron comes in second with $76 billion. Other networks, including Solana, Arbitrum, and BNB Chain, collectively account for $29.7 billion in hosted stablecoins.

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    Stablecoin market capitalization by network. Source: RWA.xyz

    In terms of tokens, Tether’s USDT holds a commanding position, capturing nearly 59% of the market, according to DefiLlama. Circle’s USDC follows as the closest competitor with about 25%. Meanwhile, Ethena’s USDe claims almost 5% of the stablecoin market.

    Data from RWA.xyz and DefiLlama indicated that the overall stablecoin market cap increased to around $290 billion in the last 30 days.

    Despite the growth in market cap and net inflows, RWA.xyz noted that some other monthly metrics decreased. Monthly active addresses stood at 26 million, a drop of 22.6% compared to 30 days prior. Additionally, transfer volume reached $3.17 trillion, down 11% from the previous month.