The third quarter of 2025 became a turning point for the stablecoin market. Transaction volume reached $15.6 trillion for the first time, setting a new all-time high. But behind the dry statistics lies an important detail: the majority of these transfers were not made by real users, but by trading bots.
Who Generates the Transactions
Total stablecoin transaction volume
According to a CEX.io study, about 71% of all operations in the third quarter were generated by algorithms — from high-frequency trading systems to bots interacting with DeFi protocols. “Bots” included both regular arbitrage algorithms and programs for MEV mining.
Another 20% came from organic activity, meaning transfers made by real users. The remaining roughly 9% consisted of internal exchange operations and smart contract activity.
In fact, the numbers confirm: stablecoins today have become not just a means of settlement, but a foundation for high-frequency trading. And this is a double-edged story. On the one hand, bots accelerate capital turnover and provide liquidity. On the other — they create the illusion of overheated activity, which is not always connected to the real economy.
Retail Takes Its Share
Nevertheless, the third quarter also saw a record in retail transfers. Transactions up to $250 reached such a scale for the first time in history that analysts are already calling 2025 the most active year for retail.
According to the report, by the end of the year, the volume of retail operations may exceed $60 billion. In September, the figure set a new absolute record.
The majority of these transfers are still related to exchange trading — about 88%. But for the first time, a noticeable share went to real payments, cross-border transfers, and fiat withdrawals. Non-exchange stablecoin activity grew by 15% in 2025 — a figure indicating the expansion of practical use.
Quarter Leaders: USDT, USDC, and Newcomer USDe
Data from RWA.xyz shows: net inflow of stablecoins in the third quarter exceeded $46 billion. This is the difference between coins issued and redeemed, i.e., the real growth in market supply.
Tether confidently holds the lead — almost $20 billion in inflows. Next is USDC with $12.3 billion. The new synthetic stablecoin Ethena USDe also made a surprising breakthrough — it added $9 billion in the quarter and secured a spot among the fastest-growing projects.
Why the Numbers Are Controversial
The statistics show that automation is coming to the fore. But regulators and analysts emphasize: it is important to distinguish between high-frequency trading strategies and real payments.
If 71% of turnover is generated by algorithms, this makes the market dependent on technical infrastructure and reduces the share of “live” demand. However, the record in retail transactions shows that interest in stablecoins as a tool for everyday settlements is only growing.
Essentially, the market is moving in two directions at once. On the one hand — the strengthening role of bots and algorithms. On the other — the gradual transformation of stablecoins into a mass payment instrument.
What’s Next?
2025 has already gone down in history as the year of maximum stablecoin activity. The next stage will be a test of resilience. If the retail share continues to grow, stablecoins will be able to finally establish themselves as a universal means of settlement and transfer.
For regulators, this is a challenge: they will have to develop approaches that take into account both algorithmic activity and real user transactions. And for stablecoin issuers, this is a chance to turn technological advantage into a global financial standard.
Read more: Chainlink integrated Swift to enable fund transfers on the blockchain
