Forefoot stability
Stablecoins recorded its biggest quarter in the third quarter, with an estimated $45.6 billion to $460 billion to $460 billion in net creation.
This is a 324% jump from $10.8 billion in the second quarter, and a clear indication that the fresh dollar is back in the market.
The surge comes from a combination of publishers. Tether’sUSDT (USDT) added about $19.6 billion, Circle’s USDC (USDC) added about $12.3 billion, and Ethena’s USDE (USDE) added about $9 billion.
Zoom out and Stablecoin’s total float ranges from $290 billion to $300 billion. Defillama shows an issue model of around $300 billion, but recent industry tallies have brought it closer to $290 billion over the past 30 days.
In any case, the photos remain the same. The larger, more liquid stubcoinbase underlies the transaction, supporting collateral for distributed finance (DEFI) and assisting in settlements across exchanges.
Did you know? “Net Creation” measures the redness from the created token. This is the cleanest gauge of how much new supply actually remains after cash out.
Who led?
Most of the net growth in Q3 was clustered around three stub coins.
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USDT: Led by a $19.6 billion work, it strengthened its advantages across the intensive venue and Layer-1 (L1) and Layer-2 (L2) networks.
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USDC: It then followed by $12.3 billion, indicating a wider distribution and an acceleration that is easier to access on the ramp.
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USDE: Despite continuing debate over risk, design and market conditions, it adds $9 billion to highlight demand for yield models.
Outside of the top three, PayPal’s USD (PYUSD) and Sky’s USDS recorded quarterly inflows of around $1.4 billion and $1.3 billion, respectively. Newer entrants such as Ripple’s RLUSD and Ethena’s USDTB also recorded steady profits from a lower base.
Heading into the next quarter, two questions come in. Can USDC continue to close the gap with USDT? Also, can USDE maintain its high speed as markets shift and regulatory or policy development intervenes?
Did you know? In the EU market under the Crypto-Assets (MICA) system, stubcoin is It is classified If you cross a threshold such as over 10 million users, value/reserves above 5 billion euros, or more than 2.5 million euros per day (and more than 500 million euros per day), it will cause stricter European Banking Authority (EBA) oversight as “important.”
A place where money is calm
On-chain, most of the new dollars are parked where depth already exists.
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Ethereum continues to dominate, hosting more than 50% (over $150 billion) of Stablecoin Supply.
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The Tron is the second and second with a clear, clear at around $760 billion and serves as a good route for low-cost, retail-style transfers.
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Solana rose to third place, with over $13 billion of native stubcoins appearing as Defi activity and payment use cases expanded.
Splits reflect what users experience every day. Ethereum for liquidity and complexity, Tron for speed and negligible costs, Solana for a smoother, higher-throughput experience.
What causes the updated Stablecoin Advance?
A shift in policy, market forces and infrastructure upgrades combined helped set the stage.
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Policy Clarity: The Genius Act provided the first US framework for payments Stablecoins, increasing confidence to expand into publishers and networks.
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Suspension and Carrie: An increase in attractive front-end rates and tokenized US treasure troves – an additional Onchain of capital was drawn out as it increased from around $4 billion in early 2025 to over $7 billion by June 2025.
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Better plumbing: With faster payment and exchange integration, faster, cheaper L1/L2 infrastructure, Stablecoin usage is being used more smoothly than a year ago.
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Risk Rotation: Some of the surges reflect “dried powder” as investors parked funds on stubcoins in a more choppia market situation.
The winner and the numbers hidden
USDT and USDC have incorporated most of the new money to make it easy to access through exchange listings, a wide range of trading pairs, banks and apps.
Together, they make up more than 80% of the market, and the new US rules only strengthen their position.
Ethena’s USDE has grown rapidly by offering yields, but depends on smooth hedging and market conditions. Confusion can test stability.
PayPal’s PYUSD achieved its position thanks to distribution, but Binance USD (BUSD) continued to rewind, highlighting how important the licensing and banking partners are.
However, record growth does not imply record-breaking use. Over the past month, active addresses have decreased by around 23% and transfer volumes have decreased by 11%. Much of the new supply appears to be more like cash parked on the bystanders than money that actively moves the system.
The fluidity still spreads thinly across the venue and chain, making the swing sharper in stressful moments. New designs like USDE bring fresh demand, but with added risk, regulations are already scrutiny in Europe.
The heading number is big, but the real story is whether the supply will turn into permanent activity.
What to see next
Below are some important signals to track as the market matures.
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Creation vs. Redemption: Is the $46 billion surge in the third quarter a one-off spike or is it a new cycle?
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Publisher spread: Can USDC continue to close to USDT, and USDE can maintain growth without a stable slip? It is important to have a backup disclosure.
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Chain rotation: Ethereum, Tron and Solana continue to fight for sharing.
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Piping and ETF: SEC listing standards and new SOL options in CME could potentially be steady inflows by improving liquidity and hedging.
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Policy Rollout: The rules of genius law in the US and MICA in Europe shape who, where, under what conditions, and who has problems.
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ONCHAIN DOLLAR STACK: Tokenized T-Bill and money funds have built a “stakeholder leg” along with stubcoin, potentially locking in more balance.
Ultimately, the $4.6 billion headline shows demand, but the actual test is whether its supply will continue to move, deepen liquidity and withstand the next policy or market shock.