Stablecoin supply tops $300 billion but growth stalls as Tether gains at rivals’ expense

The total stablecoin supply has just surpassed the $300 billion mark, with Tether's (USDT) adding over $5 billion in the last month. Yet despite Tether’s growth, the supply of USDC, USDe, and PYUSD together declined by roughly $4.2 billion over the same period.

All things considered, a net category growth of nearly $900 million, the equivalent of a 0.3% growth of the total supply over the past month, could be considered a stall, with overall supply not meaningfully expanding even as Tether kept printing.

Every marginal stablecoin dollar entering the system is a USDT dollar replacing a redeemed (USDC), (USDe), or (PYUSD) dollar.

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USDe's collapse is also a structural story worth noting. Down 28% in the last month and almost 34% year to date, Ethena's synthetic dollar has experienced sustained outflows, notably since October 2025.