Ahmet yeniceri 
The stablecoin market saw a massive $46 billion net inflow in the third quarter, significantly boosting investor interest. Net inflows jumped from $10.8 billion in the second quarter to $45.6 billion, marking a 324% increase. Over the past 90 days, this surge highlights investors’ growing appetite for dollar-pegged assets. Tether’s USDT, Circle’s USDC, and Ethena’s USDe played a leading role in driving this demand.
USDT and USDC Lead, USDe Gains Momentum
Data shows USDT led with $19.6 billion net inflows in Q3. USDC followed with $12.3 billion. Ethena’s synthetic stablecoin USDe attracted $9 billion, showing strong performance. PayPal’s PYUSD saw $1.4 billion, and MakerDAO’s USDS gained $1.3 billion. New projects like RLUSD and Ethena USDtb also recorded steady growth, reflecting strong demand for both established and emerging stablecoins.
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Ethereum Dominates, Other Chains Growing
Ethereum remained the most used network for stablecoins, holding $171 billion in circulation. Tron ranked second with $76 billion. Solana, Arbitrum, and BNB Chain collectively provided $29.7 billion in supply for users. In terms of tokens, USDT leads with a 59% market share, USDC holds 25%, and USDe is rapidly growing at around 5%.
Stablecoin Market Expands, Transaction Activity Balances
The total stablecoin market value reached $290 billion over the past 30 days. Monthly active addresses fell to 26 million due to user activity, down 22.6%, while transfer volume dropped 11% to $3.17 trillion. While investor demand continues to grow, on-chain transaction activity indicates the market is seeking a new balance.