Problem with Shader Graph

I create a shader that output a circle. But in the game the rendering result is confused because the pixels out side the circle aren’t transparent.

Strange indeed. I suggest you share this shader’s serialized file content so others can investigate it.

circle.shadergraph
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    "m_Type": "UnityEditor.ShaderGraph.GraphData",
    "m_ObjectId": "69f193c02a1141cb9ba7c9808a28e76a",
    "m_Properties": [],
    "m_Keywords": [],
    "m_Dropdowns": [],
    "m_CategoryData": [
        {
            "m_Id": "225c57d0f2f84bc3bd95bae9b7137fdd"
        }
    ],
    "m_Nodes": [
        {
            "m_Id": "47fb1991164a42cda2acbebb8e0c4042"
        },
        {
            "m_Id": "f8ccc5c741164fa982552081275b184f"
        },
        {
            "m_Id": "97c0cbc57f494e7094ae34d551dfab83"
        },
        {
            "m_Id": "d1a4a1de93824b44afaddec51f07b856"
        },
        {
            "m_Id": "094998ddd8554cc298215823423821b2"
        },
        {
            "m_Id": "59298b064a994a55af8956895f793b68"
        }
    ],
    "m_GroupDatas": [],
    "m_StickyNoteDatas": [],
    "m_Edges": [
        {
            "m_OutputSlot": {
                "m_Node": {
                    "m_Id": "094998ddd8554cc298215823423821b2"
                },
                "m_SlotId": 4
            },
            "m_InputSlot": {
                "m_Node": {
                    "m_Id": "59298b064a994a55af8956895f793b68"
                },
                "m_SlotId": 0
            }
        }
    ],
    "m_VertexContext": {
        "m_Position": {
            "x": 0.0,
            "y": 0.0
        },
        "m_Blocks": [
            {
                "m_Id": "47fb1991164a42cda2acbebb8e0c4042"
            },
            {
                "m_Id": "f8ccc5c741164fa982552081275b184f"
            },
            {
                "m_Id": "97c0cbc57f494e7094ae34d551dfab83"
            }
        ]
    },
    "m_FragmentContext": {
        "m_Position": {
            "x": 0.0,
            "y": 200.0
        },
        "m_Blocks": [
            {
                "m_Id": "d1a4a1de93824b44afaddec51f07b856"
            },
            {
                "m_Id": "59298b064a994a55af8956895f793b68"
            }
        ]
    },
    "m_PreviewData": {
        "serializedMesh": {
            "m_SerializedMesh": "{\"mesh\":{\"instanceID\":0}}",
            "m_Guid": ""
        },
        "preventRotation": false
    },
    "m_Path": "Shader Graphs",
    "m_GraphPrecision": 1,
    "m_PreviewMode": 2,
    "m_OutputNode": {
        "m_Id": ""
    },
    "m_ActiveTargets": [
        {
            "m_Id": "effd39e2593a4e12a13243d418085d07"
        }
    ]
}

{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.PositionMaterialSlot",
    "m_ObjectId": "0048d4b9b98e4c5fbf00ab85db5cb368",
    "m_Id": 0,
    "m_DisplayName": "Position",
    "m_SlotType": 0,
    "m_Hidden": false,
    "m_ShaderOutputName": "Position",
    "m_StageCapability": 1,
    "m_Value": {
        "x": 0.0,
        "y": 0.0,
        "z": 0.0
    },
    "m_DefaultValue": {
        "x": 0.0,
        "y": 0.0,
        "z": 0.0
    },
    "m_Labels": [],
    "m_Space": 0
}

{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.EllipseNode",
    "m_ObjectId": "094998ddd8554cc298215823423821b2",
    "m_Group": {
        "m_Id": ""
    },
    "m_Name": "Ellipse",
    "m_DrawState": {
        "m_Expanded": true,
        "m_Position": {
            "serializedVersion": "2",
            "x": -331.0,
            "y": 266.0,
            "width": 208.0,
            "height": 326.0
        }
    },
    "m_Slots": [
        {
            "m_Id": "cebabaa5e88545afb7af560db1006711"
        },
        {
            "m_Id": "f536e43bc6974010bc153d25f7c5131c"
        },
        {
            "m_Id": "b509273f0d2a46108bc829915743d4fb"
        },
        {
            "m_Id": "bb51b29834264a0eab5e4ff40776f54e"
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    ],
    "synonyms": [
        "circle"
    ],
    "m_Precision": 0,
    "m_PreviewExpanded": true,
    "m_DismissedVersion": 0,
    "m_PreviewMode": 0,
    "m_CustomColors": {
        "m_SerializableColors": []
    }
}

{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.CategoryData",
    "m_ObjectId": "225c57d0f2f84bc3bd95bae9b7137fdd",
    "m_Name": "",
    "m_ChildObjectList": []
}

{
    "m_SGVersion": 0,
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    "m_ObjectId": "2c1b6042229b435386d6b6f258de7089",
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    "m_SlotType": 0,
    "m_Hidden": false,
    "m_ShaderOutputName": "Tangent",
    "m_StageCapability": 1,
    "m_Value": {
        "x": 0.0,
        "y": 0.0,
        "z": 0.0
    },
    "m_DefaultValue": {
        "x": 0.0,
        "y": 0.0,
        "z": 0.0
    },
    "m_Labels": [],
    "m_Space": 0
}

{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.ColorRGBMaterialSlot",
    "m_ObjectId": "33f247f27bed4f0b8728ea6826060b9e",
    "m_Id": 0,
    "m_DisplayName": "Base Color",
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    "m_ShaderOutputName": "BaseColor",
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        "x": 1.0,
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    },
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    },
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    "m_ColorMode": 0,
    "m_DefaultColor": {
        "r": 0.5,
        "g": 0.5,
        "b": 0.5,
        "a": 1.0
    }
}

{
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            "serializedVersion": "2",
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            "height": 0.0
        }
    },
    "m_Slots": [
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            "m_Id": "0048d4b9b98e4c5fbf00ab85db5cb368"
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    ],
    "synonyms": [],
    "m_Precision": 0,
    "m_PreviewExpanded": true,
    "m_DismissedVersion": 0,
    "m_PreviewMode": 0,
    "m_CustomColors": {
        "m_SerializableColors": []
    },
    "m_SerializedDescriptor": "VertexDescription.Position"
}

{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.Vector1MaterialSlot",
    "m_ObjectId": "481e2124555b4264be576af3c81030b6",
    "m_Id": 0,
    "m_DisplayName": "Alpha",
    "m_SlotType": 0,
    "m_Hidden": false,
    "m_ShaderOutputName": "Alpha",
    "m_StageCapability": 2,
    "m_Value": 1.0,
    "m_DefaultValue": 1.0,
    "m_Labels": []
}

{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.NormalMaterialSlot",
    "m_ObjectId": "4ce84820cc12497594e2831fd53f388b",
    "m_Id": 0,
    "m_DisplayName": "Normal",
    "m_SlotType": 0,
    "m_Hidden": false,
    "m_ShaderOutputName": "Normal",
    "m_StageCapability": 1,
    "m_Value": {
        "x": 0.0,
        "y": 0.0,
        "z": 0.0
    },
    "m_DefaultValue": {
        "x": 0.0,
        "y": 0.0,
        "z": 0.0
    },
    "m_Labels": [],
    "m_Space": 0
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{
    "m_SGVersion": 0,
    "m_Type": "UnityEditor.ShaderGraph.BlockNode",
    "m_ObjectId": "59298b064a994a55af8956895f793b68",
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        "m_Id": ""
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    "m_Name": "SurfaceDescription.Alpha",
    "m_DrawState": {
        "m_Expanded": true,
        "m_Position": {
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            "x": 0.0,
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            "height": 0.0
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{
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{
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{
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{
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{
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    "m_SupportVFX": false
}

{
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{
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    "m_Name": "VertexDescription.Normal",
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}


Also it would be a good idea to mention what is the Unity version and which Render Pipeline you are using here exactly.