Overview

• Net inflows across dollar-pegged tokens over the past 90 days surpassed $45 billion, pushing the sector’s market value close to $290 billion.
• Tether’s USDT added roughly $19.6 billion in net issuance and maintained about 59% market share.
• Circle’s USDC recorded $12.3 billion in quarterly inflows after just $500 million in the prior quarter, lifting its share to roughly 25%.
• Ethena’s synthetic USDe drew about $9 billion and now approaches 5% of the stablecoin market.
• Ethereum hosts about $171 billion in stablecoin supply with Tron at $76 billion, while active addresses fell 22% to 26 million and transfer volume slipped 11% to $3.17 trillion versus August.