📊 USDT Gains $5B as Other Stablecoins Shrink Total stablecoin supply has topped $300 billion, but growth has sharply slowed. Over the past month, Tether’s USDT expanded by more than $5 billion, while USDC, USDe, and PYUSD together fell by about $4.2 billion—leaving net stablecoin growth at only around $0.9 billion, or roughly 0.3% for the month. New inflows are concentrating in USDT rather than expanding the overall market. Ethena’s USDe supply dropped 28% over the month and is down nearly 34% year-to-date, attributed to compressed perp funding rates reducing yields. Sky’s USDS and World Liberty Financial’s USD1 picked up some inflows, while PYUSD fell 13% over the month. #stablecoin

🤔 Vitalik Buterin: L2s Afraid to Fully Decentralize Should Just Be Centralized Servers On July 3, 2025, Ethereum co-founder Vitalik Buterin stated in an EthCC speech video that many Layer 2 projects claiming to build on-chain retain instant backdoors or fall short of their claimed decentralization stages. He believes that from a practical standpoint, this architecture is not much better than a traditional centralized server. If developers are afraid to make their projects truly decentralized, the most straightforward approach is to simply build a centralized server.