USDT and USDC Lead $46B Stablecoin Inflows as Ethereum Dominates Q3 2025

The stablecoin market is experiencing a massive boom, with net inflows hitting $46 billion in the last 90 days. Led by Tether’s USDT, Circle’s USDC, and the fast-growing Ethena USDe, this surge highlights the rising global demand for dollar-pegged crypto assets. Despite positive inflows and market cap growth, activity metrics such as active addresses and transfer volume showed declines, signaling a shift in user behavior.

Stablecoin inflows surged by 324% in Q3 2025, reaching $45.6 billion, with USDT, USDC, and Ethena’s USDe leading the growth. Ethereum remains the top blockchain for stablecoins, while overall market cap climbs to $290 billion.