Stablecoin Supply Surpasses $300 Billion But Growth Stalls as Tether Gains at Rivals' Expense

According to The Block, stablecoin supply surpassed $300 billion in recent weeks, with Tether (USDT) adding over $5 billion in the last month. However, USDC, USDe, and PYUSD combined declined by roughly $4.2 billion over the same period, resulting in a net category growth of only 0.3% for the month.

Ethena's USDe has experienced significant outflows, down 28% in the last month and nearly 34% year to date, as its yield advantage eroded following compressed perpetual funding. Competing stablecoins USDS and USD1 absorbed most of the rotation, gaining 48.9% and 33.7% year to date respectively, while PYUSD declined 13% over the month.