The total supply of issued stablecoins has grown 94% since early February, according to The Block Research's findings.
In that time, the total supply grew from $5.68 billion to $11.0 billion. During May, that figure rose from $9.6 billion to $11 billion. As shown in the chart below, the vast majority of stablecoin growth has been in the form of Tether.
As noted by The Block's Larry Cermak, the surge in supply took place amid a global liquidity crunch resulting from the coronavirus-fueled economic impact.
"It's not immediately clear whether the new supply comes from new demand or whether it is existing money that was already on exchanges and is now being converted into stablecoins," Cermak wrote.
Read The Block Research's full May by-the-numbers report here.