Stablecoin Demand Surges: $46B Net Inflows in Just 90 Days

The past three months have been huge for stablecoins. According to data from RWA.xyz, more than $46 billion in net inflows poured into dollar-pegged assets, showing just how quickly demand for stablecoins is heating up.

Tether, USDC, and Ethena lead the wave

Tether’s USDT took the lead with $19.6 billion in new inflows during the quarter. Circle’s USDC wasn’t far behind, posting a massive $12.3 billion, a big jump compared to the small gains it recorded in Q2.

One of the biggest surprises came from Ethena’s synthetic stablecoin (USDe). It added nearly $9 billion in inflows — a huge leap from just $200 million last quarter.

Growth accelerating fast

Stablecoin growth has been building momentum all year. Over the past six months, net inflows totaled $56.5 billion, but most of it came in Q3. By comparison, Q2 only saw $10.8 billion. That means inflows jumped more than 324% in a single quarter, largely thanks to USDT, USDC, and the rise of USDe.

Tether alone minted $19.6B this quarter and $9.2B in the quarter before. Meanwhile, USDC showed one of the sharpest turnarounds, going from just half a billion in Q2 to $12.3B in Q3.

Ethereum still dominates stablecoins

When it comes to networks, Ethereum remains the top chain for stablecoin activity, hosting around $171 billion worth of supply. Tron comes in second with $76 billion, while Solana, Arbitrum, and BNB Chain combined account for roughly $29.7 billion.

Looking at tokens, Tether’s USDT controls nearly 59% of the market, with USDC holding about 25%. Ethena’s USDe has quickly climbed to nearly 5%.

A mixed picture in activity

While inflows and market cap are rising — the overall stablecoin market hit about $290 billion in the past 30 days — not every metric is going up. RWA.xyz reported that monthly active addresses dropped 22.6%, down to 26 million, while transfer volume fell 11%, hitting $3.17 trillion.

Final thoughts

Stablecoins are proving themselves as one of the strongest pillars of crypto, pulling in billions even during market uncertainty. But with on-chain activity slipping, the real question is whether this demand will translate into sustainable long-term adoption or if it’s just short-term positioning.