[Total Stablecoin Supply Surpasses $300 Billion but Growth Stalls, Tether Eats into Competitors' Market Share] According to The Block, the total stablecoin supply has surpassed $300 billion, but growth has stalled. Tether's USDT issued over $5 billion in the past month, while the combined supply of USDC, USDe, and PYUSD decreased by approximately $4.2 billion during the same period, resulting in a net growth of only about $900 million, equivalent to a 0.3% increase in total supply. The supply of USDe dropped 28% in the past month and nearly 34% year-to-date, as its yield mechanism relying on positive funding rates in perpetual contracts has been compressed since the deleveraging event last October. Sky's USDS supply has grown 48.9% year-to-date, while World Liberty Financial's USD1 supply has increased by 33.7%, absorbing most of the capital rotation. PYUSD supply decreased by 13% over the past month.