Over the past month, Tether’s USDT supply increased by more than $5 billion, while the combined supply of USDC, USDe and PYUSD decreased by about $4.2 billion. The net growth of total stablecoin supply was only around $900 million, representing a monthly rise of roughly 0.3%. Reports indicate that newly‑injected stablecoin capital is mainly flowing into USDT rather than driving overall market expansion. Meanwhile, Ethena’s USDe supply fell by 28% in the past month and nearly 34% year‑to‑date, mainly due to compressed perpetual contract funding rates that reduced yield attractiveness. Sky’s USDS and World Liberty Financial’s USD1 absorbed some capital inflows, and PYUSD supply also dropped by 13% over the past month.