Stablecoins recorded net inflows of over $45 billion over the past 90 days, highlighting the increased demand for assets awarded in US dollars in crypto space.
On Monday, data tracker RWA.xyz showed Tether’s USDT (USDT) Stablecoin led the quarter with a net inflow of $19.6 billion, followed by Circle’s USDC (USDC) leading $12.3 billion. Ethena’s synthetic Stablecoin Ethena USDE (USDE) also stands out, with net inflows of $9 billion this quarter.
Other players contributed a small but notable influx during the quarter. PayPal USD (PYUSD) saw a net inflow of $1.4 billion, while Makerdao’s USDS (USDS) added $1.3 billion. Emerging projects such as Ripple’s Ripple USD (RLUSD) and Ethena’s USDTB also showed stable profits.
Stablecoin Net influx measures the difference in the amount of Stablecoins that have been built and redeemed over a specific period of time. Positive influx means that more tokens have been added to the circulation than they have been removed.
Stablecoin inflows increased by over 324%
Stablecoin inflows totaled $56.5 billion over the past six months, with just $10.8 billion in the second quarter. The third quarter was bulk, highlighting how quickly demand was accelerated not only by USDT and USDC, but also by increasing entrants in algorithms like USDE.
Tether’s USDT was a majority in both the second and third quarters, winning $19.6 billion this year and $9.2 billion between April and June. USDC also showed a dramatic shift, jumping from just $500 million in net issuance in the last quarter to $12.3 billion in the third quarter.
Ethena’s USDE had a major share of expansion in the last quarter, with an influx of $9 billion compared to its $200 million record in the last quarter.
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Ethereum remains the most dominant chain of stability
Ethereum remains the most dominant network for Stablecoins. Data from RWZ.xyz showed that the network hosts a $171 billion Stablecoin Supply, and Tron ranks second in $76 billion. Networks such as Solana, Arbitrum and the BNB Chain dragged on a total of $29.7 billion hosted by Stablecoins.
According to Defillama, Tether’s USDT remains the most dominant when it comes to Tokens, with nearly 59% of the market. Circle’s USDC is the closest competitor, about 25%. Meanwhile, Ethena’s USDE has almost 5% of the Stablecoin market.
Data from RWA.xyz and Defillama showed that the overall market capitalization of Stablecoin has increased to around $290 billion over the past 30 days.
However, RWA.xyz showed that other monthly metrics declined while market cap and net inflows were increasing. Data showed a 22.6% decrease in monthly active addresses at 26 million compared to 30 days ago. Furthermore, transfer volume was $3.17 trillion, down 11% compared to the previous month.
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