ARK Releases *The DeFi Quarterly* Report for Q3 2025, Highlighting Stablecoins, RWAs, Tokenization, and the Rise of Digital Asset Treasuries

"Stablecoin Supply Hit $280 Billion—Up 40% Year-To-Date—With Ethereum The Leading Liquidity Hub. • The once-dominant, combined stablecoin supply of USDC (Circle) and USDT (Tether) has declined slightly, from 93% to 89% year-to-date. • USDe (Ethena Labs) and PYUSD (PayPal) are the fastest growing stablecoins quarter-overquarter, their individual supply up ~68% to $14 billion and ~135% to $2.4 billion, respectively. • The Ethereum network’s marketshare of stablecoin supply grew from 51% to 55%, while Tron’s declined from 32% to 26%"

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