In the past 90 days, net inflows of stablecoins exceeded $45 billion, indicating a growing demand for dollar-pegged assets in the cryptocurrency space.
According to data tracking platform RWA.xyz, Tether's USDt (USDT) had a net inflow of $19.6 billion this quarter, ranking first; Circle's USDC (USDC) followed closely with a net inflow of $12.3 billion. Ethena's synthetic stablecoin Ethena USDe (USDe) achieved a remarkable net inflow of $9 billion this quarter.
Other projects also contributed smaller but noteworthy inflows this quarter. PayPal USD (PYUSD) had a net inflow of $1.4 billion, while MakerDAO's sDAI (sDAI) increased by $1.3 billion. Emerging projects like Ripple USD (RLUSD) and Ethena's USDtb also experienced steady growth.
Net inflows of stablecoins measure the difference between the minting and redemption of stablecoins over a specific period. A positive net inflow indicates an increase in the number of tokens in circulation, reflecting market demand for dollar-pegged crypto assets.
Over the past six months, total inflows of stablecoins reached $56.5 billion, with only $10.8 billion recorded in the second quarter. The third quarter contributed the majority of inflows, highlighting the rapid growth in demand, driven not only by USDT and USDC but also by emerging algorithmic stablecoins like USDe.
Tether's USDT dominated in both the second and third quarters, minting $19.6 billion this quarter, with $9.2 billion from April to June. USDC also saw significant changes, with a net inflow of only $500 million last quarter, jumping to $12.3 billion this quarter.
Ethena's USDe expansion was primarily concentrated in the most recent quarter, with a net inflow of $9 billion, compared to just $200 million in the previous quarter.
According to RWA.xyz, Ethereum continues to dominate the stablecoin network, with a total circulation of stablecoins on the Ethereum network reaching $171 billion, while Tron ranks second with $76 billion. Solana, Arbitrum, and BNB Chain collectively hold $29.7 billion in stablecoins.
Data from DefiLlama shows that at the token level, Tether's USDT still holds a dominant position, with a market share of nearly 59%. Circle's USDC follows closely, accounting for about 25%. Ethena's USDe occupies nearly 5% of the stablecoin market.
According to data from RWA.xyz and DefiLlama, the overall market capitalization of stablecoins increased to approximately $290 billion in the past 30 days.
However, despite the increase in market capitalization and net inflows, other monthly indicators have shown a decline. RWA.xyz data indicates that the number of monthly active addresses is 26 million, down 22.6% from 30 days ago. Additionally, the transfer volume was $3.17 trillion, a decrease of 11% month-over-month.
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Original article: “Tether (USDT) and USDC Dominate, Quarterly Stablecoin Inflows Reach $45 Billion”
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