Stablecoin Inflows Hit $45B, With USDT and USDC Leading the Growth

TLDR

• Stablecoin inflows reached $45 billion in the last 90 days, signaling increased demand for dollar-pegged assets.
• Tether’s USDT accounted for $19.6 billion in net inflows, maintaining its dominance in the stablecoin market.
• Circle’s USDC saw a dramatic rise, with $12.3 billion in inflows, a significant increase from the previous quarter.
• Ethena’s synthetic stablecoin USDe recorded $9 billion in inflows, marking a sharp growth compared to last quarter.
• Ethereum remains the leading network for stablecoins, hosting $171 billion in circulating supply.

Stablecoins recorded over $45 billion in net inflows during the past 90 days, signaling growing demand for US dollar-pegged crypto assets. According to data from RWA.xyz, Tether’s (USDT) and Circle’s USDC contributed significantly to this surge. The third quarter alone saw $56.5 billion in stablecoin inflows, highlighting how quickly the market has expanded.

Tether’s Dominance in Stablecoin Inflows

Tether‘s USDT has led the charge in stablecoin inflows, accounting for $19.6 billion in net inflows. This marks the largest contribution in the quarter, cementing its dominance in the stablecoin market. Tether’s USDT continues to hold a dominant market share of nearly 59%.

Despite challenges, USDT’s stability and adoption have made it a trusted asset for crypto investors. As the top choice for many exchanges, it drives substantial stablecoin inflows. Tether’s consistent performance has positioned it as the preferred dollar-pegged token globally.

Tether’s success is not limited to the third quarter. USDT saw an additional $9.2 billion minted in the second quarter. With demand increasing, USDT’s position remains unchallenged by any other stablecoin in the market.

Circle’s USDC Surges with $12.3B in Inflows

Circle’s USDC experienced a dramatic rise in net issuance this quarter. The coin recorded $12.3 billion in stablecoin inflows, up from just $500 million in the second quarter. Circle’s USDC now holds a market share of 25%, positioning it as the second-largest stablecoin.

As more businesses and financial services integrate USDC into their platforms, its use continues to expand rapidly. USDC’s stability and transparency have made it a preferred asset for institutional investors. This shift underscores the rising demand for US dollar-pegged assets.

USDC’s performance stands out as one of the most remarkable in recent months. Its substantial inflows in Q3 are a testament to its growing popularity among crypto investors.

Other Stablecoins Show Steady Growth

Other stablecoins have also contributed to the overall rise in stablecoin inflows. Ethena’s synthetic stablecoin, USDe, recorded $9 billion in net inflows. This marks a sharp increase from the $200 million it minted last quarter, reflecting the growth of algorithmic stablecoins.

PayPal’s USD (PYUSD) saw a modest $1.4 billion in inflows, while MakerDAO’s USDS added $1.3 billion. Emerging projects like Ripple’s RLUSD and Ethena’s USDtb also showed steady progress, albeit on a smaller scale.

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