The cryptocurrency exchange sees a lot of bot activity, but this may not be a bad thing
CEX.io has reported that nearly three-quarters of stablecoin transactions in the third quarter of 2025 were driven by automated bots. The exchange’s research showed that 71% of the record $15.6 trillion in stablecoin transfers came from bot activity, making Q3 the busiest period ever for the sector. Analysts highlighted that distinguishing between organic use and automated flows is essential when evaluating stablecoins’ role in the broader economy.
Illya Otychenko, a market research analyst at CEX.io, said that both high-frequency trading bots and manipulative activities like wash trading were included in the bot-driven volume. Many of these bots executed over 1,000 transactions a month with volumes exceeding $10 million. While they provide liquidity, the exchange noted that such transactions may not reflect real-world usage of stablecoins.
According to the report, non-bot activity accounted for about 20% of transactions, while the remaining 9% came from smart contract interactions and intra-exchange operations. Otychenko added that bots connected to decentralized finance protocols represented less than half of the automated flow, underscoring the outsized role of unlabeled high-frequency bots.
Despite the heavy influence of automation, retail participation also hit new highs. Transfers below $250 surged in Q3, with retail activity projected to surpass $60 billion by year-end. CEX.io said that most of these smaller transactions were tied to exchange activity, but an increasing share involved remittances, payments, and fiat conversions, showing that stablecoins are slowly expanding into everyday use cases.
The quarter also brought substantial net inflows, with more than $46 billion in stablecoins minted versus redeemed. Tether’s USDT led the way with almost $20 billion, followed by Circle’s USDC with $12.3 billion. Newer entrants like Ethena’s USDe also gained traction, adding $9 billion in inflows during the period.
CEX.io’s findings underline the dual nature of stablecoin markets: high-volume, bot-driven trades dominate totals, while retail adoption quietly grows at a record pace. This mix raises questions for regulators and policymakers about how to separate speculative flows from genuine economic activity.
