USDT and USDC Lead $46 Billion Stablecoin Expansion

This growth pushed the stablecoin market cap to around $290 billion. Tether’s USDT and Circle’s USDC led the surge, while Ethena’s USDe emerged as a fast-rising ￰0￱ remained the dominant network for stablecoins, followed by ￰1￱ the sharp increase in supply and demand, usage metrics showed a ￰2￱ Inflows Jump Stablecoins saw a remarkable surge in demand over the past quarter, with more than $46 billion in net inflows recorded over the last 90 ￰3￱ is according to data from ￰4￱ growth sheds some light on the increasing appetite for US dollar-pegged assets in the crypto sector, particularly as investors look for stability amid market volatility. Tether’s USDT led the charge with $19.6 billion in inflows, cementing its role as the dominant player in the sector.

Circle’s USDC followed closely with $12.3 billion, which was a sharp rebound from just $500 million in net issuance in the previous quarter. Ethena’s synthetic stablecoin USDe also made waves by attracting $9 billion in inflows after recording only $200 million in the prior ￰5￱ stablecoin net flows () Other issuers also contributed to the surge. PayPal’s PYUSD recorded $1.4 billion in inflows, while MakerDAO’s USDS added $1.3 billion. Ripple’s RLUSD and Ethena’s USDtb, although smaller, posted steady ￰6￱ total, stablecoin inflows grew by over 324% compared to the second quarter, with $56.5 billion flowing in over the past six months, of which just $10.8 billion came in ￰7￱ third quarter alone accounted for the bulk of the ￰8￱ still dominates as the leading network for stablecoins, hosting $171 billion in circulating supply, while Tron holds the second spot with $76 ￰9￱ chains, including Solana, Arbitrum, and BNB Chain, collectively host around $29.7 ￰10￱ terms of token dominance, USDT controls nearly 59% of the stablecoin market, with USDC at around 25% and Ethena’s USDe quickly rising to nearly 5%, according to ￰11￱ market cap by network () Overall, the stablecoin market cap expanded to roughly $290 billion in the past month.

However, not all metrics reflected ￰12￱ reported that monthly active addresses fell 22.6% to 26 million, while transfer volumes slipped 11% to $3.17 ￰13￱ suggests that despite strong inflows and rising supply, actual usage saw a decline.