The total supply of stablecoins has surpassed $300 billion, but overall growth has significantly slowed down. Over the past month, Tether's USDT supply increased by more than $5 billion, while the combined supply of USDC, USDe, and PYUSD decreased by about $4.2 billion, resulting in a net increase of only about $900 million in total stablecoin supply, a monthly growth rate of approximately 0.3%. The report indicates that the current new stablecoin funds are mainly flowing into USDT, rather than driving overall market expansion. Meanwhile, Ethena's USDe supply has decreased by 28% in the past month, with an accumulated decline of nearly 34% this year, primarily due to reduced profitability caused by the compression of perpetual contract funding rates; Sky's USDS and World Liberty Financial's USD1 have absorbed some of the fund inflows. PYUSD's supply also decreased by 13% over the past month. (The Block)