In the third quarter of 2025, the stablecoin market experienced a significant surge, with approximately $46 billion in net inflows. This marks a 324% increase from the $10.8 billion recorded in the previous quarter, highlighting a renewed investor confidence in digital dollar-pegged assets.
Cointelegraph
Leading Stablecoins by Net Inflows
The majority of the inflows were concentrated in three major stablecoins:
Tether (USDT): Maintaining its position as the market leader, Tether’s USDT saw $19.6 billion in net creations during Q3. This growth underscores its dominance across centralized exchanges and various blockchain networks.
Cointelegraph
USD Coin (USDC): Circle’s USDC experienced a notable rebound, with $12.3 billion in net inflows, up from just $500 million in the previous quarter. This surge reflects broader adoption and increased demand for regulated stablecoins.
Cointelegraph
Ethena USDe: Emerging as a strong contender, Ethena’s algorithmic stablecoin USDe attracted $9 billion in net inflows, highlighting growing interest in yield-bearing digital assets.
Cointelegraph
Other Notable Contributors
While the top three stablecoins dominated, several others also saw significant growth:
PayPal USD (PYUSD): Introduced by PayPal, PYUSD recorded $1.4 billion in net inflows, reflecting the fintech giant’s expanding footprint in the digital currency space.
Cointelegraph
MakerDAO’s USDS: MakerDAO’s USDS stablecoin added $1.3 billion, indicating a steady interest in decentralized stablecoins.
Cointelegraph
Ripple’s RLUSD and Ethena’s USDtb: Both stablecoins contributed smaller but notable amounts, with RLUSD at $789 million and USDtb at $1.3 billion, respectively.
Cointelegraph
Blockchain Platforms Hosting Stablecoins
The distribution of stablecoins across various blockchain platforms remained consistent:
Ethereum: Continued to host over 50% of the total stablecoin supply, maintaining its position as the leading platform for stablecoin transactions.
Cointelegraph
Tron: Served as the preferred network for low-fee, retail-style transfers, holding approximately $76 billion in stablecoins.
Cointelegraph
Solana: Climbed into third place, with more than $13 billion in native stablecoins, as decentralized finance (DeFi) activity and payment use cases expanded.
Cointelegraph
Factors Driving the Surge
Several factors contributed to the remarkable growth in stablecoin inflows:
Regulatory Clarity: The passage of the GENIUS Act in the United States provided a comprehensive regulatory framework for stablecoins, boosting issuer and investor confidence.
Wikipedia
Yield Opportunities: The rise of tokenized U.S. Treasurys and attractive front-end rates attracted additional capital into the stablecoin market.
Cointelegraph
Institutional Adoption: Increased participation from institutional investors and traditional financial institutions further legitimized stablecoins as a viable asset class.
FNLondon
Conclusion
The third quarter of 2025 witnessed unprecedented growth in the stablecoin market, with $46 billion in net inflows. Tether, USD Coin, and Ethena’s USDe led the charge, reflecting a diverse and expanding landscape in the digital currency sector. As regulatory frameworks solidify and institutional adoption increases, the stablecoin market is poised for continued growth and innovation.
