Stablecoins recorded more than $46 billion in net inflows over the past 90 days, according to data from RWA.xyz, underscoring renewed demand for dollar-pegged assets in crypto markets. Tether’s USDT led with $19.6 billion, followed by Circle’s USDC at $12.3 billion. Synthetic entrant Ethena’s USDe logged $9 billion, marking its most active quarter yet.
Other issuers contributed smaller but notable inflows. PayPal’s PYUSD added $1.4 billion, MakerDAO’s USDS brought in $1.3 billion, and newer tokens such as Ripple’s RLUSD and Ethena’s USDtb showed steady growth. Net inflows measure the difference between minted and redeemed stablecoins, with positive numbers reflecting more tokens entering circulation than exiting.
RWA.xyz data showed inflows surged by more than 324% compared to the previous quarter. In the six months through September, stablecoin inflows totaled $56.5 billion, with $10.8 billion logged in Q2 and the rest in Q3. The sharp acceleration underscores the role of USDT and USDC, while algorithmic alternatives like USDe added new momentum.
USDT was the largest contributor in both quarters, minting $9.2 billion in Q2 and $19.6 billion in Q3. USDC swung from a modest $500 million in Q2 to $12.3 billion in Q3, reflecting stronger demand after months of muted issuance. USDe, which had added just $200 million in Q2, saw its supply balloon by $9 billion in Q3 as adoption grew.
The sector’s expansion highlights a broader recovery in liquidity for stablecoins, which often serve as collateral, settlement instruments, and hedging tools in crypto markets.
Ethereum remains the leading blockchain for stablecoins, hosting $171 billion of the circulating supply, RWA.xyz data showed. Tron ranked second with $76 billion, while Solana, Arbitrum and BNB Chain together accounted for $29.7 billion. Ethereum’s liquidity and integration across DeFi platforms continue to give it an edge despite competition from faster or lower-cost alternatives.
By token, USDT controls nearly 59% of the global market, according to DefiLlama, followed by USDC at roughly 25%. Ethena’s USDe now accounts for about 5% of supply, a notable share given its rapid rise. The overall stablecoin market capitalization reached $290 billion in the past 30 days, reflecting strong issuance across leading issuers.
While inflows and market capitalization rose, other activity indicators showed weakness. Monthly active addresses fell to 26 million, down 22.6% from the prior month. Transfer volume slipped to $3.17 trillion, an 11% decline over the same period. Analysts say this divergence suggests that while demand for stablecoin issuance is rising, transactional usage remains sensitive to market conditions.
Even so, the growth trajectory for leading stablecoins points to continued dominance of dollar-backed tokens in crypto, with institutional interest in regulated offerings and retail users relying on their liquidity for everyday trading and transfers.
