CEX.IO's Q3 2025 report highlights unprecedented growth in the stablecoin sector, with on-chain transfers reaching a record $15.6 trillion, fueled by a $43 billion increase in total token supply. Trading activity hit a four-year high, and retail usage for transfers under $250 soared to an all-time high, projecting to exceed $60 billion by year-end.
However, bot-driven transactions dominated, accounting for 71% of all on-chain stablecoin activity, up from 68% in Q2. The report noted that unlabeled high-frequency transfers and bot activity surged by 80% to 83% for USDC specifically, raising concerns about potential wash trading and non-economically valuable transfers. "The surge of bot activity and unlabeled high-frequency transfers could raise questions about a potential increase of wash trading and non-economically-valuable transfers within the stablecoin space," the report stated.
In terms of volume share, USDC led with 63%, while USDT followed at 32.5%, with USDT being the main driver of organic traffic. Despite bullish metrics, the overwhelming bot presence could undermine trader confidence and stablecoins' utility as on- and off-ramps between crypto and traditional finance.
