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 inflows measure the difference between the amount of stablecoins minted and redeemed over a given period. Positive inflows mean more tokens were added to the circulation than removed, signaling demand for dollar-pegged crypto assets.
Stablecoin net flows in the last 90 days. Source: RWA.xyz
Stablecoin inflows grew by over 324%
Stablecoin inflows totaled $56.5 billion over the past six months, with only $10.8 billion recorded in the second quarter. The third quarter accounted for the bulk, highlighting how quickly demand has accelerated, driven not only by USDT and USDC but also by the rise of algorithmic entrants like USDe.
Tether’s USDT accounted for the majority in both Q2 and Q3, minting $19.6 billion this quarter and $9.2 billion in April to June. USDC also showed a dramatic shift, jumping from just $500 million in net issuance last quarter to $12.3 billion in Q3.
Ethena’s USDe saw most of its expansion occur in the last quarter, with $9 billion in inflows compared to a $200 million record last quarter.
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Ethereum remains the most dominant chain for stablecoins
Ethereum remains the most dominant network for stablecoins. RWZ.xyz data showed that the network hosts $171 billion in circulating stablecoin supply, while Tron ranks second with $76 billion. Networks like Solana, Arbitrum and BNB Chain trailed with a combined $29.7 billion in stablecoins hosted.
Stablecoin market capitalization by network. Source RWA.xyz
When it comes to tokens, Tether’s USDT remains the most dominant, with nearly 59% of the market, according to DefiLlama. Circle’s USDC is its closest competitor, with about 25%. Meanwhile, Ethena’s USDe has nearly 5% of the stablecoin market.
Data from RWA.xyz and DefiLlama showed that the overall stablecoin market cap grew to about $290 billion in the last 30 days.
However, while the market cap and net inflows grew, RWA.xyz showed that other monthly metrics fell. The data showed that monthly active addresses were 26 million, down by 22.6% compared to 30 days ago. Furthermore, transfer volume was $3.17 trillion, down 11% compared to the previous month.
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