USDT-Led Stablecoin Inflows Could Indicate Rising Demand for Dollar-Pegged Assets

• Q3 surge: $45.6B in stablecoin net inflows, up 324% vs Q2

• $19.6B to USDT, $12.3B to USDC, $9.0B to Ethena USDe — plus smaller flows into PYUSD and USDS

• Market snapshot: ~$290B stablecoin market cap; Ethereum hosts ~$171B of supply (Source: RWA.xyz, DefiLlama)

Stablecoin net inflows surged 324% in Q3 to $45.6B — explore top issuers, chain distribution, and what the inflows mean for crypto markets.

Stablecoin net inflows jumped from just $10.8 billion in Q2 to $45.6 billion in Q3, a 324% surge led by USDT, USDC and the rise of Ethena’s USDe.

Stablecoins recorded more than $45 billion in net inflows in the last 90 days, highlighting rising demand for US dollar-pegged assets in the crypto space.

On Monday, data tracker RWA.xyz showed that Tether’s USDt (USDT) stablecoin led the quarter with $19.6 billion in net inflows, followed by Circle’s USDC (USDC) with $12.3 billion. Ethena’s synthetic stablecoin Ethena USDe (USDe) also stood out, with $9 billion in net inflows for the quarter.

Other players contributed smaller, but notable inflows during the quarter. PayPal USD (PYUSD) saw $1.4 billion in net inflows, while MakerDAO’s USDS (USDS) added $1.3 billion. Emerging projects like Ripple’s Ripple USD (RLUSD) and Ethena’s USDtb also showed steady gains.

Stablecoin net flows in the last 90 days. Source: RWA.xyz

What are stablecoin net inflows?

Stablecoin net inflows measure the difference between newly minted stablecoins and redemptions over a set period. Positive net inflows indicate higher issuance than redemptions, reflecting increased demand for dollar-pegged crypto assets and greater on-chain liquidity.

How much did stablecoin inflows grow in Q3 2025?

Stablecoin inflows rose from $10.8 billion in Q2 to $45.6 billion in Q3, a 324% increase. Over the past six months, total inflows reached $56.5 billion, with the bulk occurring in Q3 as major issuers ramped issuance to meet on-chain demand.

Which stablecoins and issuers led the inflows?

Tether’s USDT led with $19.6 billion in net issuance this quarter. Circle’s USDC followed at $12.3 billion. Ethena’s USDe posted a notable $9 billion of net inflows, a rapid expansion from $200 million the prior quarter. Smaller but relevant contributions came from PYUSD ($1.4B) and USDS ($1.3B).

Why does chain distribution matter for stablecoin supply?

Chain distribution shapes liquidity, settlement speed and where trading activity concentrates. RWA.xyz data shows Ethereum hosts ~$171 billion of circulating stablecoins, Tron ~$76 billion, and Solana, Arbitrum and BNB Chain combine for roughly $29.7 billion.

Stablecoin market capitalization by network. Source RWA.xyz

By token, USDT comprises about 59% of the market, USDC roughly 25%, and Ethena’s USDe close to 5%, according to market trackers. The overall stablecoin market cap expanded to approximately $290 billion in the last 30 days.

What other metrics changed despite inflows?

While supply and net inflows climbed, several activity metrics dipped. Monthly active addresses fell to 26 million (down 22.6% month-over-month). Transfer volume declined to $3.17 trillion (down 11%). These divergences suggest supply growth outpaced transactional activity in the short term.

Frequently Asked Questions

How are net inflows calculated for stablecoins?

Net inflows equal the total amount minted minus the total amount redeemed within a given period. Positive net inflows mean net issuance; negative values indicate net redemptions.

Do higher stablecoin inflows indicate price risk?

Higher inflows signal demand for dollar-pegged liquidity but do not directly imply price volatility for cryptocurrencies. They can, however, increase on-chain liquidity and trading capacity, which may indirectly affect market dynamics.

Where can I find the data sources cited?

Data referenced in this report come from RWA.xyz and DefiLlama (sources cited as plain text). No external links are included in this article.

Key Takeaways

• Massive Q3 growth: Stablecoin net inflows jumped 324% to $45.6B, led by USDT, USDC and USDe.
• Concentration by chain: Ethereum hosts the largest stablecoin supply (~$171B), followed by Tron (~$76B).
• Activity diverges: Market cap rose to ~$290B while active addresses and transfer volume decreased month-over-month.

Conclusion

This quarter’s surge in stablecoin net inflows highlights robust demand for dollar-pegged tokens, with Tether, Circle and Ethena accounting for the majority of new issuance. Monitor on-chain metrics and issuer disclosures for evolving liquidity trends. For ongoing coverage, follow COINOTAG updates and data releases from RWA.xyz and DefiLlama.