USDT Gains $5B While Rival Stablecoins Bleed — Net Stablecoin Growth Near Zero

Total stablecoin supply has crossed $300 billion, but the headline number masks a sharp deceleration beneath the surface. Over the past month, Tether's USDT expanded by more than $5 billion while USDC, USDe, and PYUSD collectively shed roughly $4.2 billion — leaving net stablecoin market growth at just $0.9 billion, or about 0.3% for the month.

The data points to a rotation rather than a broad expansion: new dollar inflows are consolidating inside USDT rather than lifting the overall market. Ethena's USDe has been the hardest hit, dropping 28% over the month and nearly 34% year-to-date, with compressed perpetual funding rates squeezing the yield that made the product attractive in the first place.

Smaller players are picking up marginal flows — Sky's USDS and World Liberty Financial's USD1 both registered modest inflows — but PYUSD fell 13% over the same period. The picture is one of…