Total stablecoin supply surpasses $300 billion but growth stagnates, with Tether eroding market share from competitors.

CoinFeed reported on May 20th that, according to The Block, the total supply of stablecoins has surpassed $300 billion, but growth has stalled. Tether's USDT issued over $5 billion more in the past month, but the combined supply of USDC, USDe, and PYUSD decreased by approximately $4.2 billion during the same period, resulting in a net increase of only about $900 million, equivalent to a 0.3% increase in total supply. USDe's supply decreased by 28% in the past month and nearly 34% year-to-date, as its perpetual contract-based positive funding rate yield mechanism was compressed following the deleveraging event last October. Sky's USDS supply has increased by 48.9% year-to-date, and World Liberty Financial's USD1 supply has increased by 33.7%, absorbing most of the fund rotation. PYUSD's supply decreased by 13% in the past month.