Stablecoin Inflows Hit $46B with USDT and USDC at the Top

Stablecoins have seen explosive growth in the past quarter, recording more than $46 billion in net inflows over the last 90 days, according to data from RWA.xyz. The surge underscores mounting demand for dollar-pegged assets, with Tether’s USDT and Circle’s USDC leading the charge.

USDT posted $19.6 billion in net inflows, while USDC followed with $12.3 billion. Ethena’s synthetic stablecoin USDe emerged as a major contender, capturing $9 billion in new inflows in Q3 alone. PayPal’s PYUSD added $1.4 billion, MakerDAO’s USDS grew by $1.3 billion, and Ripple’s RLUSD also showed steady adoption.

The inflows mark a dramatic acceleration compared to the second quarter, when stablecoins saw just $10.8 billion in net issuance. Over the past six months, inflows totaled $56.5 billion, representing a 324% jump. USDT dominated both Q2 and Q3, minting $19.6 billion this quarter after $9.2 billion earlier in the year. USDC’s rebound was even sharper, leaping from $500 million in Q2 to $12.3 billion in Q3. Ethena’s USDe skyrocketed from just $200 million in the previous quarter to $9 billion now, making it one of the fastest-growing algorithmic stablecoins on the market.

Ethereum remains the powerhouse of stablecoins, hosting $171 billion in circulating supply. Tron follows with $76 billion, while Solana, Arbitrum, and BNB Chain collectively hold $29.7 billion. Tether continues to dominate with nearly 59% of the market share, followed by USDC at 25% and USDe with around 5%.

Despite the growth, some usage metrics showed declines. Monthly active addresses fell 22.6% to 26 million, while transfer volumes dropped 11% to $3.17 trillion. Even so, the overall stablecoin market cap hit $290 billion in the last 30 days, cementing stablecoins as one of crypto’s most in-demand assets.