Research from CEX.io suggests, however, that much of this activity isn’t coming from everyday users but from automated trading bots that dominate the market.
Analyst Illya Otychenko described Q3 as a historic milestone for the sector, pointing out that bots were responsible for roughly seven out of every ten dollars transferred during the quarter.
These high‑frequency systems, which often process thousands of trades each month, blur the line between genuine adoption and mechanical churn. “Liquidity is flowing, but it doesn’t always represent real‑world demand,” Otychenko noted.
At the same time, smaller transactions are quietly breaking their own records. Transfers under $250 – often tied to remittances, payments, and retail trading – surged to unprecedented levels in September, making 2025 the most active year yet for grassroots stablecoin use.
CEX.io’s internal data shows that nearly 88% of these transfers remain linked to exchange activity, though non‑trading use cases are expanding.
Fresh capital is also pouring into the sector. Figures from RWA.xyz reveal that stablecoins added more than $46 billion in net inflows during Q3. Tether’s USDT pulled in nearly $20 billion, Circle’s USDC added $12.3 billion, and Ethena’s synthetic dollar USDe posted $9 billion – underlining how quickly competition is heating up in the stablecoin race.
The picture that emerges is one of two markets running in parallel: bots driving massive volumes at the top end, and a swelling wave of smaller, real‑world transfers at the bottom. For regulators and investors alike, the challenge now is to distinguish between speculative noise and genuine adoption as stablecoins move deeper into the mainstream.
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