DefiLlama's current total stablecoin supply is approximately $303.16 billion, with a 7-day change of just +0.79%. The breakdown is even more interesting: USDT: ~$183.19 billion, 7d +0.11% USDC: ~$73.65 billion, +2.34% USDe: ~$4.08 billion, +3.04% PYUSD: ~$2.88 billion, +4.21% RLUSD: ~$2.08 billion, +21.0% rwaUSDi: ~$484 million, +22.3% USDG: ~$3.32 billion, surprisingly -2.39% This highlights a very important issue: The total USD supply in crypto only grew by 0.8%, but stablecoins in certain financial ecosystems grew by 10% or even 20%. So, it’s not an influx of external USD, but rather: existing funds are migrating to places with higher capital efficiency. Currently, the main destinations are: Hyperliquid, Robinhood Chain, Base, Solana, RWA/Lending. This is why, in the next phase, we should focus on capital efficiency rather than just looking at TVL.