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2w ago

Stablecoin Supply Soars in Q3 on $46 Billion Inflows Led by USDT, USDC and USDe

Fresh data shows issuance outpacing on-chain activity, prompting questions over how quickly real-world use is catching up.

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Overview

  • Net inflows over the past 90 days reached roughly $45–46 billion, pushing the sector’s market value near $290 billion, according to RWA.xyz data reported by industry outlets.
  • Tether’s USDT led with about $19.6–20 billion in new issuance and roughly 59% market share, while Circle’s USDC rebounded to $12.3 billion in inflows after about $500 million in Q2.
  • Ethena’s USDe added around $9 billion this quarter, lifting its share to nearly 5% and underscoring rapid growth of synthetic stablecoin models.
  • Ethereum remains the primary settlement layer, hosting about $171 billion in stablecoin supply, with Tron second at roughly $76 billion.
  • Usage lagged the supply surge as monthly active stablecoin addresses fell about 22% to 26 million and total transfer volume declined 11% to $3.17 trillion versus August.