{"id":89489,"date":"2025-10-01T21:15:52","date_gmt":"2025-10-01T18:15:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89489"},"modified":"2025-10-01T21:22:22","modified_gmt":"2025-10-01T18:22:22","slug":"stablecoin-supply-swelled-by-a-record-45bn-in-three-months","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/stablecoin-supply-swelled-by-a-record-45bn-in-three-months\/","title":{"rendered":"Stablecoin supply swelled by a record $45bn in three months"},"content":{"rendered":"

In the third quarter, the total supply of stablecoins rose by more than $45bn\u2014the largest increase on record, according to a CEX.io<\/a> report.<\/p>\n

\"image\"
Source: CEX.io.<\/figcaption><\/figure>\n

The aggregate tally exceeded $300bn<\/a>.\u00a0<\/p>\n

84% of net issuance over July\u2013September came from USDT, USDC and USDe. Of that, 69% was minted on Ethereum\u2019s main network.<\/p>\n

By supply growth, USDe and PYUSD led (+173% and +152% respectively), despite the GENIUS Act<\/a>, which bans yield-bearing stablecoins in the US.<\/p>\n

\"image\"
Source: CEX.io.<\/figcaption><\/figure>\n

Total stablecoin trading volume in Q3 reached $10.3trn, the busiest since the first half of 2021. The daily average climbed to $124bn\u2014more than twice June\u2013August levels.\u00a0<\/p>\n

\"image\"
Source: CEX.io.<\/figcaption><\/figure>\n
\n

\u201cInitially the rebound was driven by increased activity across broader crypto markets, but later in the same quarter stablecoins also became a key instrument for capital rotation as caution began to rise,\u201d the report\u2019s authors explained.<\/p>\n<\/blockquote>\n

USDT strengthened its dominance by trading volume. Its quarterly share rose from 77.2% to 82.5%, while USDC\u2019s fell from 14.5% to 10.5%. Others also lost ground.<\/p>\n

\"image\"
Source: CEX.io.<\/figcaption><\/figure>\n

Tether\u2019s stablecoin overtook Circle\u2019s by volume on DEX<\/a>, surpassing $100bn in a month for the first time. This suggests USDT\u2019s dominance is spreading to decentralised exchanges, potentially undermining USDC\u2019s position in DeFi, CEX.io noted.\u00a0<\/p>\n

Record turnover and bots<\/strong><\/h2>\n

Over the past three months, the total volume of stablecoin transactions rose to an all-time high of $15.6trn. The share of organic transfers increased by more than 30%, reaching a new record of $2.9bn.<\/p>\n

\"image\"
Source: CEX.io.<\/figcaption><\/figure>\n

Yet bots continue to dominate, accounting for 71% of all on-chain stablecoin transactions.\u00a0<\/p>\n

\n

\u201cThe growth in automated transfers was most noticeable in August and remained high through September, despite some cooling of the market. The surge in bot activity and unlabelled high-frequency transactions may raise questions about the possible spread of wash trading and economically meaningless operations,\u201d the researchers noted.<\/p>\n<\/blockquote>\n

Among organic transfers, retail (transactions under $250) stood out most. The metric hit a new all-time high, helping make 2025 \u201cthe most active year in the history of retail stablecoin use\u201d.<\/p>\n

\"image\"
Source: CEX.io.<\/figcaption><\/figure>\n
\n

\u201cThe third quarter confirmed that stablecoins are no longer merely an auxiliary tool for cryptocurrency markets\u2014they are becoming the core of settlement and even a gateway for retail adoption. Looking ahead to the fourth quarter, this dynamic is likely to persist,\u201d the experts concluded.\u00a0<\/p>\n<\/blockquote>\n

In September, Moody\u2019s analysts highlighted<\/a> the risks a stablecoin boom poses to monetary sovereignty and financial stability.<\/p>\n","protected":false},"excerpt":{"rendered":"

In Q3, the total supply of stablecoins grew by more than $45bn\u2014the largest increase on record.<\/p>\n","protected":false},"author":1,"featured_media":89490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bots drove most stablecoin transactions in Q3","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1145,1252,807],"class_list":["post-89489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-market-analysis","tag-reports","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"235","promo_type":"1","layout_type":"1","short_excerpt":"Bots drove most stablecoin transactions in Q3","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=89489"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89489\/revisions"}],"predecessor-version":[{"id":89491,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89489\/revisions\/89491"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/89490"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=89489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=89489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=89489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}