USDC and PYUSD growth chips away at USDT's stablecoin lead in 2025

From early 2024 to a recent point in 2025, total stablecoin supply climbed from about $140 billion to roughly $266 billion, while USDT stayed the largest issuer but began losing share on EVM networks. Over the last 30 days, USDC supply rose 7.42% and PYUSD expanded 16.66%, outpacing a 1.02% decline in USDT, as payment usage, DeFi activity, and regulatory alignment redirect demand toward compliant issuers.