Svmuu reports that data shows the total supply of stablecoins has exceeded $300 billion, but the overall growth has notably decelerated. Over the past month, the supply of Tether's USDT increased by more than $5 billion, further expanding 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 around $0.9 billion over the past month, equivalent to just 0.3% of the total supply.
This indicates that the current stablecoin market is not experiencing broad expansion, but rather a redistribution of shares: the newly added USDT supply is largely replacing the redemption volume of other stablecoins.