Stablecoin total supply surpasses $300 billion, but overall growth slows

According to Odaily, data shows that the total supply of stablecoins has exceeded $300 billion, but overall growth has slowed significantly. Over the past month, the supply of Tether's USDT 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 $900 million over the past month, equivalent to just 0.3% of the total supply.

This indicates that the current stablecoin market is not expanding across the board, but rather undergoing a redistribution of shares: the newly added USDT supply has largely replaced the redemption scale of other stablecoins.