The total stablecoin supply has surpassed $300 billion, but growth has significantly decelerated. In the past month, Tether's USDT expanded by over $5 billion, while USDC, USDe, and PYUSD collectively decreased by approximately $4.2 billion. This resulted in a net stablecoin growth of only about $0.9 billion, or roughly 0.3% for the month. The report indicates that new inflows are primarily directed towards USDT rather than expanding the overall market. Ethena's USDe supply saw a 28% decline over the month and is down nearly 34% year-to-date, attributed to reduced yields from compressed perpetual funding rates. Meanwhile, Sky's USDS and World Liberty Financial's USD1 experienced some inflows, whereas PYUSD fell by 13% over the month.