The total supply of stablecoins remains at an all-time high. USDS+DAI (@SkyEcosystem @sparkdotfi) have returned to the top three in market cap, supported by stable yields. Paypal USD and Ripple USD have both grown by over 30% thanks to ongoing cash subsidies. Currently, the total supply of stablecoins is still more than 60% higher than the peak of the 2021-2022 bull market. While this isn’t the key factor in determining bull or bear markets, our situation isn’t that bad either.