Stablecoin Supply Crosses $300B but Net Growth Has Nearly Stalled — Tether Takes All the Gains

The total stablecoin market has crossed the $300 billion threshold, but the headline number flatters what is essentially a zero-sum reshuffling. Tether added over $5 billion in the past month, while USDC, USDe, and PYUSD shed a combined $4.2 billion — leaving net category growth at roughly $900…