Stablecoin supply tops $300 billion but growth stalls as Tether gains at rivals’ expense
The Block
Total stablecoin supply exceeded $300 billion, yet growth remains stagnant as Tether gains market share at the expense of competitors like USDC and USDe.Summary
The aggregate stablecoin supply has surpassed $300 billion, though overall market growth has stalled. While Tether (USDT) continues to expand its supply, competitors such as USDC, USDe, and PYUSD have seen collective declines. Notably, Ethena's USDe has faced significant outflows due to compressed yields, while newer entrants have struggled to gain traction. Analysts suggest that unless challengers can offer superior yields or distribution, they will find it difficult to displace Tether’s market dominance.
(Source：The Block)