Total stablecoin supply has surpassed $300 billion, but overall growth is slowing down

Odaily reports that data shows the total supply of stablecoins has exceeded $300 billion, but the overall growth has significantly slowed. Over the past month, Tether's USDT supply has increased by more than $5 billion, continuing to expand its market share.

However, during the same period, the combined supply of USDC, USDe, and PYUSD decreased by approximately $4.2 billion, offsetting most of USDT's growth. Overall, the stablecoin market saw a net increase of about $0.9 billion over the past month, equivalent to only 0.3% of the total supply.

This means the current stablecoin market is not experiencing broad expansion, but rather a redistribution of share: the newly added USDT supply has largely replaced the redemption volume of other stablecoins.