Stablecoin net inflows increase by 324% from Q2 to Q3 2025

On-chain data shows that stablecoin net inflows surged by 324% from $10.8 billion in Q2 to $45.6 billion in Q3 2025. USDT, USDC, and the rise of Ethena’s USDe contributed a bigger share to the jump.

Data from RWA.xyz revealed that stablecoins saw more than $46 billion in net inflows in the last 90 days. The firm showed that USDT stablecoin led in Q2 with roughly $19.6 billion in net inflows, followed by USDC with $12.3 billion and USDe’s $9 billion net inflows.

Over the past 90 days, net inflows into stablecoins have totaled >$45 billion. – cointelegraph pic.twitter.com/AFYbVuiPRa

— NekoZ (@NekozTek) September 29, 2025

USDT leads stablecoins with the most net inflows 

Other stablecoin issuers followed with smaller contributions, including PayPal’s PYUSD, which added $1.4 billion, while MakerDAO’s USDS saw around $1.3 billion in net inflows. Ripple’s Ripple USD (RLUSD) and Ethena’s USDtb also showed steady gains during the period.

On-chain data shows that Stablecoins added approximately $56.5 billion over the past six months, with a total of only $10.8 billion recorded in the second quarter. Stablecoins experienced the most inflows in the third quarter, reflecting the recent surge in stablecoins led by USDT and USDC, as well as the rise of algorithmic entrants like USDe.

DeFiLlama revealed that Tether USDT saw the most inflow in both Q2 and Q3, with around $19.6 billion this quarter and $9.2 billion in the previous quarter. USDC followed with an increase from $500 million in net issuance from April to June to $12.3 billion in Q3. Athena’s USDe also recorded a dramatic shift, jumping from $200 million in Q2 to roughly $9 billion in the last quarter.

On-chain data showed that Ethereum remained the most dominant network for stablecoins, hosting over $171.336 billion in circulating stablecoin supply. Tron followed with $76 billion, while networks like Solana, Arbitrum, and BNB Chain trailed with a combined $29.7 billion in stablecoins hosted.

DeFiLlama data also revealed that Tether’s USDT was the most dominant stablecoin, with nearly 59% of the market. Circle’s USDC came in second with about 25%, while Ethena’s USDe recorded nearly 5% of the stablecoin market.

The overall stablecoin market cap also surged by more than 5% in the last 30 days to $296.967 billion. Despite the increase in market capitalization and net inflows, on-chain data further show that the number of monthly addresses fell by 22.6% to 26 million during the same period. Stablecoin transfer volume also dropped by 11% from the previous month to $3.17 trillion.

As Cryptopolitan recently reported, on Monday, Aster became the second-highest protocol globally in trading fees in the last 24 hours. The protocol received more than $14.33 million in fees, surpassing Circle and Uniswap. Aster also became the 11th highest protocol globally in DEX volume, with roughly $206.92 million in trading volume in the last 24 hours.

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