The digital asset landscape is witnessing a significant surge in stablecoin adoption, with net inflows skyrocketing by over 324% in the third quarter of 2025 compared to the previous one. This substantial increase, driven by established players and emerging decentralized finance (DeFi) protocols, underscores a growing confidence in stable digital currencies for transactional and investment purposes within the cryptocurrency ecosystem.
Stablecoin Inflows Demonstrate Robust Growth
On-chain data reveals a dramatic acceleration in stablecoin net inflows, climbing from $10.8 billion in Q2 2025 to an impressive $45.6 billion in Q3. This upward trend is further supported by independent analysis from RWA.xyz, which indicates that stablecoins have seen over $46 billion in net inflows within the last 90 days. This period highlights a marked shift towards stablecoin utilization, reflecting broader market dynamics and investor sentiment.
The dominance of major stablecoins like Tether (USDT) and USD Coin (USDC) remains evident. In Q3, USDT led with approximately $19.6 billion in net inflows, a substantial increase from its $9.2 billion contribution in Q2. USDC followed suit, experiencing a significant jump from $500 million in net issuance in Q2 to $12.3 billion in Q3. These figures suggest a continued preference for these established stablecoins, likely due to their liquidity and widespread integration across various platforms.
Emerging Stablecoins Gain Traction
Beyond the established leaders, the third quarter also saw notable contributions from newer entrants. Ethena’s USDe, an algorithmic stablecoin, demonstrated remarkable growth, with net inflows escalating from $200 million in Q2 to approximately $9 billion in Q3. This rapid ascent indicates growing interest and adoption of innovative stablecoin models. Other stablecoins such as PayPal's PYUSD and MakerDAO's USDS also recorded positive inflows, adding $1.4 billion and $1.3 billion respectively, showcasing a diversifying market.
Network Dominance and Market Share
Ethereum continues to be the preferred network for stablecoin activity, hosting over $171.3 billion in circulating stablecoin supply. The Tron network follows with $76 billion, while Solana, Arbitrum, and BNB Chain collectively hold approximately $29.7 billion. In terms of market share among stablecoins, USDT commands nearly 59%, with USDC holding about 25%. Ethena’s USDe has secured a significant position, capturing nearly 5% of the market in a relatively short period.
The overall stablecoin market capitalization has also expanded, growing by over 5% in the last 30 days to reach $296.967 billion. Despite this expansion in value and inflows, on-chain metrics present a more nuanced picture regarding user engagement. The number of monthly active addresses interacting with stablecoins declined by 22.6% to 26 million during the same period. Similarly, stablecoin transfer volume experienced a 11% decrease from the previous month, settling at $3.17 trillion. This divergence suggests that while capital is flowing into stablecoins, the intensity of daily transactional use may be moderating.
