Stablecoin Supply Surges Past $300B, But Growth Stalls at 0.3% Over Past Month as Tether Gains Share

USDC0.02%
PYUSD0.02%
According to The Block, stablecoin supply has surged past $300 billion in recent weeks, but growth has stalled to just 0.3% month-over-month. Tether's USDT issued over $5 billion in new supply in the past month, while USDC, USDe, and PYUSD combined saw their supply drop by approximately $4.2 billion. USDe supply declined 28% over the month and 34% year-to-date as its yields—dependent on perpetual futures positive funding rates—have been compressed since October's deleveraging event. Meanwhile, Sky's USDS grew 48.9% year-to-date and World Liberty Financial's USD1 surged 33.7%, absorbing most of the capital rotation.
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