Stablecoins Hit $10.3 Trillion in Trades in Strongest Quarter Ever: CEX.IO

The report shows that the stablecoin market added nearly USD 45 billion in supply in just three months, an expansion of around 18 percent, the largest quarterly increase ever recorded. This brings the total circulating supply to roughly USD 300 billion, marking a new milestone for the sector.

Three tokens accounted for most of the expansion: Tether (USDT), USD Coin (USDC), and the newer Ethena’s USDe. Together they represented about 84 percent of the additional supply. USDe and PayPal’s PYUSD stood out with triple-digit growth. USDe expanded by more than 170 percent, driven by yield-focused strategies, while PYUSD jumped by over 150 percent thanks to broader integration across multiple networks.

Ethereum regained its position as the dominant chain for new stablecoin issuance, capturing nearly 70 percent of supply growth. In contrast, Tron experienced a contraction, signaling a liquidity shift toward Ethereum and Layer-2 ecosystems. Arbitrum, for example, saw its USDC supply grow by nearly 90 percent during the quarter, while Hyperliquid’s chain benefited from demand linked to perpetual futures trading.

The report highlights trading volume as another area of explosive growth. Stablecoin transactions on centralized and decentralized exchanges reached USD 10.3 trillion in Q3, with daily averages exceeding USD 120 billion. USDT widened its dominance, accounting for more than 82 percent of exchange trading volume, while USDC’s share fell to just over 10 percent. Other tokens combined made up less than 7 percent.

One of the most notable developments came on decentralized exchanges. For the first time, USDT trading volumes overtook USDC’s, surpassing USD 100 billion per month. The trend was especially strong on Binance Smart Chain, where USDT volumes were about 19 times higher than USDC’s.

Stablecoin transfers on public blockchains totaled USD 15.6 trillion in Q3, setting another record. The CEX.IO report notes that while automated transfers still represent the majority of activity, organic transfers rose more than 30 percent from the previous quarter. USDC dominated total transfer volume with a 63 percent share, though most of this was attributed to automated transactions. USDT, meanwhile, led in retail-level organic usage, showing greater penetration among everyday traders.

Retail-sized transfers below USD 250 surged sharply in September, with 2025 on track to surpass USD 60 billion in such activity by year end. However, CEX.IO emphasizes that nearly nine in ten of these transfers were linked to trading behavior, rather than payments or remittances.

The report underscores both the opportunities and the risks of this accelerating growth. While adoption is broadening, much of the market remains concentrated in a handful of issuers. This concentration could create vulnerabilities if leading tokens face regulatory or operational disruption. Another concern is the dominance of bots in stablecoin activity. With over 70 percent of all transfers executed by automated systems, questions remain over how much of the record-breaking volume reflects real economic use.

Nonetheless, the report points to encouraging signs of diversification. Non-trading use cases, including remittances, fiat off-ramps, and on-chain savings products, grew more than 15 percent compared with last year, suggesting stablecoins are slowly gaining ground beyond speculative markets.

According to CEX.IO’s analysis, the third quarter of 2025 may mark a turning point for the industry. Stablecoins are no longer viewed solely as tools for liquidity management on exchanges. Instead, they are evolving into settlement infrastructure, cross-border payment rails, and entry points for both retail and institutional adoption.

The report also highlights the role of regulation in bolstering confidence. Recent U.S. legislative developments and international guidelines have reinforced the perception of stablecoins as secure and transparent, encouraging larger institutions to increase participation.

The fourth quarter has historically been a period of high activity for the sector. With issuance at record levels, USDT’s dominance expanding across both centralized and decentralized exchanges, and retail use steadily climbing, CEX.IO anticipates that stablecoins will remain at the forefront of digital asset growth through the end of 2025.

The CEX.IO Q3 2025 Stablecoin Report captures a market at its most active point yet. With supply growth at all-time highs, trading volumes surpassing USD 10 trillion, and on-chain transfers setting new records, stablecoins have become central to the functioning of the crypto economy.

At the same time, the report stresses the need for caution. Concentration among a few issuers and the prevalence of automated transfers present structural risks. Still, the continued rise of non-trading uses points to a gradual expansion of stablecoins into real-world financial services. For policymakers, businesses, and users alike, the third quarter of 2025 illustrates both the strength and the challenges of stablecoins as they transition from niche instruments to foundational components of the global digital economy.