Stablecoin transfers surged to a record $15.6 trillion in the third quarter of 2025, with much of the activity linked to automated trading bots, according to new research from crypto exchange CEX.io.
On Wednesday, CEX.io’s market research analyst Illya Otychenko dubbed the third quarter of 2025 the “most active period” for stablecoins. During the quarter, the value of stablecoin transfers reached $15.6 trillion, its strongest quarter yet.
Otychenko told Cointelegraph that their calculations, using data from Visa/Allium and Artemis, showed that bot-driven transfers made up roughly 71 % of the total Q3 stablecoin transfer volume.
Organic non-bot activity accounted for about 20 %, while the remaining 9 % is attributed to internal smart contract transactions and intra‑exchange operations.
Distinguishing bots is critical for policymakers
The researcher said it will be “critical” for policymakers to distinguish between the two when evaluating systemic risk and real‑world adoption.
When asked how they distinguished between high‑frequency trading bots and manipulative activity like wash trading, Otychenko told Cointelegraph that both of these figures were captured in the 71 % figure.
“They are both captured, and unlabeled high‑frequency bots that perform over 1,000 monthly transactions and $10 million in monthly volume dominated the said 71 % figure,” Otychenko said.
He added that maximal extractable value bots and those interacting with decentralized finance protocols represented less than half of the total stablecoin volume.
“This highlights that while bots drive liquidity and activity, a significant portion may not reflect meaningful economic usage,” he said.
Retail stablecoin transfers hit record highs
While the report flagged the rise of unlabeled high‑frequency transfers, which could be inflating activity metrics, it also highlighted a sharp rise in retail‑sized stablecoin transfers under $250.
The report found that retail activity reached a new all‑time high in September and during the third quarter of the year, making 2025 the “most active year ever for retail stablecoin usage.” According to the report, retail‑sized stablecoin activity is set to surpass $60 billion by the end of the year.
CEX.io said that trading remains the primary driver of retail adoption. The exchange said that its internal data showed that nearly 88 % of transactions below $250 were tied to exchange activities.
However, a growing share is linked to remittances, payments and fiat cash outs, pointing to use cases beyond trading.
The exchange said that overall, non‑trading stablecoin activity jumped by more than 15 % in 2025, reflecting the appeal of stablecoins for everyday transactions.
“Both categories point to stablecoins’ growing role in facilitating payments, remittances, and cashing out earnings,” CEX.io said.
USDT and USDC dominate $46 billion quarterly inflows
Apart from transaction value, net inflows, which refer to the difference between stablecoins minted and redeemed, also surged in Q3 2025. RWA.xyz data showed that in Q3, stablecoins recorded over $46 billion in net inflows.
Tether’s USDT led the quarter with nearly $20 billion in net inflows, followed by Circle’s USDC with $12.3 billion. Meanwhile, synthetic stablecoin Ethena USDe (USDe) had $9 billion in net inflows during the quarter.