PANews reported on May 20th, citing The Block, that the total supply of stablecoins has surpassed $300 billion, but growth has stalled. Tether's USDT saw an increase of over $5 billion in issuance over the past month, but the combined supply of USDC, USDe, and PYUSD decreased by approximately $4.2 billion during the same period, resulting in a net increase of only about $900 million, equivalent to a 0.3% increase in total supply. USDe supply declined by 28% over the past month and nearly 34% year-to-date, as its yield mechanism, relying on positive funding rates from perpetual contracts, was compressed following the deleveraging event last October. Sky's USDS supply has increased by 48.9% year-to-date, and World Liberty Financial's USD1 supply has increased by 33.7%, absorbing most of the fund rotation. PYUSD supply declined by 13% over the past month. Bank-issued and GENIUS-compliant stablecoin issuers are facing greater challenges than expected. Analysts point out that if new issuers are to directly replace USDT's market share, they need to offer higher yields, better distribution channels, or regulatory advantages that USDT cannot match.