In the third quarter of 2025, stablecoin inflows surged to $45.6 billion, with USDT and USDC leading the charge, driven by robust institutional and retail demand. USDT, issued by Tether, accounted for $19.6 billion in net inflows, maintaining its dominant market share of nearly 59%. Meanwhile, USDC from Circle experienced a dramatic rise, with $12.3 billion in net inflows—a significant increase from just $500 million in the previous quarter—boosting its market share to 25%.
Other stablecoins contributed to the growth, with Ethena's synthetic stablecoin USDe recording $9 billion in net inflows, reflecting a sharp uptick from the prior quarter. The Ethereum blockchain served as the primary network for these assets, hosting $171 billion in circulating stablecoin supply, which underscores its critical role in liquidity patterns and market stability.
Jeremy Allaire, Co-founder & CEO of Circle, emphasized the trend, stating, "Q3 inflows for USDC reflect growing institutional trust and our commitment to full transparency. Digital dollars are now a critical layer for global commerce." This influx highlights stablecoins' expanding role in finance, with potential continued growth amid regulatory attention and technological innovation.
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