Stablecoin Market Sees $46 Billion in Net Inflows Led by USDT and USDC

• Stablecoins saw $46 billion in net inflows, driven by USDT, USDC, and USDe.
• Tether’s USDT led with $19.6 billion in inflows, while Ethena’s USDe saw a $9 billion spike.
• Ethereum remains dominant, hosting $171 billion in stablecoins, followed by Tron and Solana.

The flourishing stablecoin sector has seen over $46 billion of net flows in the past 90 days. Such a rise reflects the increasing appetite for US dollar-coordinated digital currencies in crypto markets. Data from RWA. xyz, Tether’s USDT, Circle’s USDC and Ethena’s USDe drove the numbers during the quarter with large inflows.

Tether’s USDT led the market, representing $19.6 billion of those inflows. Circle’s USDC was just behind, with $12.3 billion in net inflows. Ethena’s dollar-pegged stablecoin, USDe, also saw significant gains, up $9bn. Other players like PayPal USD and MakerDAO’s USDS trailed with smaller, though still sizable, contributions of $1.4 billion and $1.3 billion each.

Source: RWA.xyz

Stablecoin Inflows Soar with Rising Demand for Dollar-Pegged Assets

The inflows into the stable coins represent a broader positive tendency throughout the year as dollar-backed crypto assets. The positive net inflows imply that more stablecoins are minted compared to those redeemed, which would be indicative of the asset demand.

Also Read: Ripple’s RLUSD Stablecoin Hits $789M, Driving XRP Ledger’s Institutional Boom

The inflows of stablecoin have surpassed $56.5 billion, and $10.8 billion during the prior half-year and second quarter each, respectively. This growth was mainly comprised of the third quarter which means the rate at which the demand is increasing. 

Tether USDT showed steady growth in the quarter between Q2 and $9.2billion, and $19.6billion in quarter two and three. USDC shot up further, as it rose beyond $500 million in its Q2 and this increased to $12.3 billion in Q3. The USDe, in turn, saw a dramatic spike in Q3 after it got inflows of a more assets, $9 billion compared to $200 million the prior quarter.

Ethereum Maintains Lead in Stablecoin Market

Ethereum remains the undisputed leader as far as stable coins are concerned, having over $171 billion of these coins on its network. Next is Tron with a valuation of $76 billion, with Solana of ($10.6 billion), then Arbitrum ($4.3 billion) and BNB Chain ($15 billion), totalling up to nearly $29.7 billion. 

Source: RWA.xyz

The dominant stablecoin on the market is tethering USDT which commands nearly 59% of the market share. Second is USDC which comprised nearly 25% of that sum. The USDe represents almost half of the market, indicating that these are newer stablecoins that are catching up. Over the past 30 days, the market capitalization of every type of coins has increased to approximately $290 billion.

Other measures though have declined a little as market cap and inflows grow higher. The number of monthly active users fell by 22.6% to 26M active users in comparison to the previous month. At the same time, volume dropped by 11% to $3.17 trillion over the last 30 days.

Also Read: RLUSD Surges as Game-Changing Stablecoin Off-Ramp for BlackRock, VanEck