Net inflow of stablecoins in the third quarter of 2025 more than tripled compared to the previous period and reached $45.6 billion. This result became one of the largest in the sector’s history and strengthened the role of stablecoins as a key segment of the digital market.
Leading players set the tone
Over the past three months, more than $46 billion of new funds entered the sector. The main contribution was made by Tether with $19 billion, followed by USDC with $12 billion and the rapidly growing USDe, which showed an increase of $9 billion.
The best quarter of the year
For comparison, in the second quarter, net inflow was only $10 billion. In total, over six months, the figure reached $56 billion, with the third quarter being the main driver. Growth was ensured by a combination of traditional leaders — USDT and USDC — and new projects with algorithmic models. Ethena stood out in particular: its stablecoin USDe increased from $200 million to $9 billion in just three months.
Where stablecoins are concentrated
Ethereum maintains its leadership in stablecoin placement — more than $171 billion in circulation. Tron with $76 billion is in second place, while Solana, Arbitrum, and BNB Chain together control about $29.7 billion.
At the end of the quarter, Tether’s share was almost 59%, USDC’s — about 25%, and USDe’s — almost 5%. The total market capitalization exceeded $296.9 billion, showing growth of more than 5% over the month.
Strong inflows amid weak activity
Despite record expansion, usage metrics turned out to be contradictory. The number of active addresses per month decreased by 22.6% to 26 million, and the volume of transfers fell by 11% to $3.17 trillion. This highlights that growth is mainly driven by institutional inflows, while retail activity remains limited.
Risks and context
Citigroup warned back in the summer that the rapid spread of stablecoins could pose a threat to the banking system and raise regulatory issues. Their integration into settlements is accelerating, and competition with traditional players is increasing.
Against this backdrop, the DeFi protocol Aster took second place in the world in daily fees, surpassing Circle and Uniswap. In one day, it collected $14.3 million and entered the top 15 by trading volume among decentralized exchanges.
What’s next?
Stablecoins are undergoing a phase of accelerated expansion. The strengthening positions of Tether and Circle, the surge of USDe, and the emergence of corporate solutions like RLUSD confirm that this segment is becoming the basic infrastructure for settlements and asset tokenization.
However, a key question remains: is capital growth coming from retail or institutional investors? The answer to this will determine the market’s development trajectory in the coming quarters.
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