The total supply of stablecoins has surpassed $300 billion, but overall growth has significantly slowed. 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 approximately $4.2 billion. The net growth in total stablecoin supply was only about $900 million, with a monthly growth rate of around 0.3%. The report highlights that the newly added stablecoin funds are primarily flowing into USDT, rather than driving overall market expansion. At the same time, Ethena's USDe supply dropped by 28% over the past month and has cumulatively declined nearly 34% this year, mainly due to reduced yield attractiveness caused by compressed perpetual contract funding rates. Sky's USDS and World Liberty Financial's USD1 absorbed part of the inflows. PYUSD's supply also decreased by 13% in the past month. (The Block) https://(wublock123.com)/news/news-61346