Stable Coins on the Front Foot
Stablecoins have just recorded their largest quarter, with an estimated $45.6 billion to $46.0 billion in net creations, marking a significant jump of 324% compared to the previous quarter’s $10.8 billion. This substantial increase is a clear indication that fresh dollars are flowing back into the market. The growth can be attributed to a combination of issuers, including USDT (USDT) adding around $19.6 billion, USDC (USDC) adding approximately $12.3 billion, and Ethereum’s USDE (USDE) adding around $9 billion, showcasing a mix of interest in new, yield-connected designs.
The total stablecoin float now ranges between $290 billion and $310 billion, with Defillama reporting around $300 billion and the latest data bringing the figure closer to $290 billion over the past 30 days. Regardless of the exact figure, the picture remains the same: a larger, more fluid stablecoin base is supporting trade, collateral, and the forces of decentralized finance (DeFi) and cross-exchange settlement.
Did you know? The “Net Creations” measurement, which is the total amount of new tokens created minus redemptions, provides the cleanest display of how much new supply remains after payouts.
Who Took the Lead?
Most of Q3’s net growth has been combined by three stablecoins: USDT, USDC, and USDE. USDT strengthened its dominance in centralized event locations and Layer-1 (L1) and Layer-2 (L2) networks with $19.6 billion in creations. USDC followed with $12.3 billion, showing an acceleration that matches broader distribution and easier access to remittances. USDE added $9 billion, underlining demand for yield-related models, despite ongoing debates about risk, design, and market conditions.
Outside of the top three, PayPal’s USD (PYUSD) and Sky’s USDS registered around $1.4 billion and $1.3 billion in quarterly inflows, respectively. Newer participants, such as Ripple’s RLUSD and Ethereum’s USDTB, also recorded smaller but consistent gains from a low base. Looking ahead to the next quarter, two key questions arise: Can USDC continue to close the gap with USDT, and can it maintain its high speed if market shifts and regulatory or political developments intervene?
Did you know? Under the EU Markets in Crypto-Assets (MiCA) regime, a stablecoin can be classified as “significant” if it crosses thresholds such as more than 5 billion euros in value/reserve or more than 2.5 million transactions per day (and over 500 million euros in daily value), triggering tough European Banking Authority (EBA) supervision.
Where the Money Settled
Most new dollars are parked where there is already depth. Ethereum continues to dominate, hosting over 50% of the total stablecoin supply (more than $150 billion). Tron remains a clear second, with around $76 billion, serving as a preferred route for retail transfers. Solana has risen to third place, with native stablecoins exceeding $13 billion, as use cases for DeFi activities and payments expand.
The split reflects what users experience from day to day: Ethereum for liquidity and composability, Tron for speed and negligible costs, and Solana for a smoother experience with high throughput.
What Caused the Renewed Stablecoin Advance?
A mixture of political shifts, market forces, and infrastructure upgrades contributed to creating the stage for stablecoins’ renewed advance. The clarity provided by the Genius Act, which offers the first US framework for payment stablecoins, has given issuers and networks greater confidence in scaling. Attractive front-end fees and the increase in tokenized US Treasury bills, which grew from around $4 billion to over $7 billion by June 2025, have also brought additional capital on-chain.
Better infrastructure, with stablecoins being used more smoothly than a year ago in the wider integration of payment and exchange, as well as faster and cheaper L1/L2 infrastructure, has further supported the growth. Part of the climb reflects “dry powder” as investors have parked funds in stablecoins, awaiting clearer market conditions.
Winners and What the Numbers Hide
USDT and USDC have taken in most of the new money, supported by their exchange listings, broad trading pairs, and easy access via banks and apps. Together, they make up more than 80% of the market, and new US rules only strengthen their position. USDE also grew quickly by offering yields, but its stability depends on smooth market conditions – any disorder could test its stability.
However, record growth does not mean record usage: last month, active addresses were around 23%, and transfer volume was up by 11%. Much of the new supply sees more cash being parked on the side than money actively moving through the system. Liquidity remains thinly distributed at event locations and chains, making fluctuations sharper during stressful moments.
What to Expect Next
Several important signals will indicate whether the market is maturing. These include whether the $46 billion Q3 creations are a one-time spike or the beginning of a new cycle, and whether USDC can continue to close the gap with USDT without compromising stability. The rotation between chains, with Ethereum, Tron, and Solana competing for share, will also be worth observing, as will the impact of SEC listing standards and new SOL options from CME on liquidity and protection.
Ultimately, the $46 billion headline shows demand, but the actual test is whether this supply moves further, deepens liquidity, and withstands the next policy shift or market shock. For more information, visit https://cointelegraph.com/explained/46b-poured-into-stablecoins-last-quarter-here-s-who-took-the-lead?utm_source=rss_feed&utm_medium=rss_tag_altcoin&utm_campaign=rss_partner_inbound
