Total supply of stablecoins has surpassed 300 billion USD, but overall growth has significantly slowed down.

In the past month, Tether's USDT supply increased by over 5 billion USD, while the combined supply of USDC, USDe, and PYUSD decreased by about 4.2 billion USD, with the net increase in total stablecoin supply being only about 900 million USD, a monthly growth rate of approximately 0.3%.
The report indicates that the current new stablecoin funds mainly flow into USDT, rather than driving overall market expansion.
Meanwhile, Ethena's USDe supply decreased by 28% in the past month, with an accumulated decline of nearly 34% year-to-date, mainly due to the compression of perpetual contract funding rates leading to reduced yield attractiveness;
Sky's USDS and World Liberty Financial's USD1 absorbed some of the fund inflows.
PYUSD's supply also decreased by 13% over the past month. (The Block)