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USDT Gains $5B as Other Stablecoins Shrink Total stablecoin supply has topped $300 billion, but growth has sharply slowed. Over the past mo…

USDT Gains $5B as Other Stablecoins Shrink Total stablecoin supply has topped $300 billion, but growth has sharply slowed. Over the past month, Tether’s USDT expanded by more than $5 billion, while USDC, USDe and PYUSD together fell by about $4.2 billion—leaving net stablecoin growth at only around $0.9 billion, or roughly 0.3% for the month. The report said new inflows are concentrating in USDT rather than expanding the overall market. Ethena’s USDe supply dropped 28% over the month and is down nearly 34% year-to-date, attributed to compressed perp funding rates reducing yields; Sky’s USDS and World Liberty Financial’s USD1 picked up some inflows, while PYUSD fell 13% over the month.
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