Stablecoin transfers surged to a record $15.6 trillion in the third quarter of 2025, with automated trading bots accounting for roughly 71 % of the total volume. According to new research from crypto exchange CEX.io, Q3 2025 marked the most active period for stablecoins to date.
CEX.io market research analyst Illya Otychenko stated that calculations using data from Visa/Allium and Artemis showed bot‑driven transfers made up roughly 71 % of 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.
The researcher said it will be critical for policymakers to distinguish between bot and organic activity when evaluating systemic risk and real‑world adoption. Unlabeled high‑frequency bots that perform over 1,000 monthly transactions and $10 million in monthly volume dominated the 71 % figure.
Despite bot dominance, retail‑sized stablecoin transfers under $250 reached a new all‑time high in September and during Q3. According to CEX.io, retail‑sized stablecoin activity is set to surpass $60 billion by the end of 2025, making it the most active year ever for retail stablecoin usage.
Trading remains the primary driver of retail adoption, with nearly 88 % of transactions below $250 tied to exchange activities. However, a growing share is linked to remittances, payments and fiat cash outs, pointing to use cases beyond trading.
Non‑trading stablecoin activity jumped by more than 15 % in 2025, reflecting the appeal of stablecoins for everyday transactions. The stablecoin market cap rose by $45 billion to approach $300 billion during the quarter.
In terms of net inflows, which refer to the difference between stablecoins minted and redeemed, Q3 2025 recorded over $46 billion. Tether’s USDT led the quarter with nearly $20 billion in net inflows, followed by Circle’s USDC with $12.3 billion, while synthetic stablecoin Ethena USDe had $9 billion in net inflows.
USDC continued to dominate volume, accounting for 63 % in Q3 2025, with USDT in second place at 32.5 %. However, most of USDC’s surge came from bot activity, while USDT was the main driver of organic traffic in stablecoins.