Overview
- CEX.io reported a record $15.6 trillion in on-chain stablecoin transfers for Q3 2025 alongside roughly $45 billion in market-cap growth.
- Automated trading systems handled about 70% to 71% of transfer value in the quarter, up from 68% in Q2, raising market quality concerns.
- Transfers of $250 or less set new highs and are on pace to exceed $60 billion in 2025, yet they represent a minority of volume and are mostly tied to exchanges.
- USDC captured about 63% of quarterly volume, with its recent surge largely bot-driven at roughly 80% to 83%, while USDT led non-bot activity.
- RWA.xyz tracked more than $46 billion in net inflows for Q3, including nearly $20 billion to USDT, $12.3 billion to USDC, and $9 billion to Ethena’s USDe.