USDT has seen an expansion of more than $5 billion over the past month, according to NS3.AI. Despite this growth, the net increase in stablecoin supply was only about $0.9 billion, representing approximately 0.3%. The total stablecoin supply surpassed $300 billion, while USDC, USDe, and PYUSD collectively contracted by around $4.2 billion. The decline in Ethena's USDe was linked to reduced yields due to compressed perpetual funding rates.