Data: Stablecoin market supply exceeds $250 billion for the first time, and issuer diversity increases

Odaily News According to a report by Delphi Digital, the supply of stablecoins exceeded $250 billion for the first time. Among them, yield-based stablecoins have grown rapidly, with Ethena reaching nearly $6 billion since its launch; Tether and Circle still dominate the market, accounting for a total of 86% of the circulating supply; the diversity of issuers has increased, with more than 10 stablecoins in circulation exceeding $100 million; more than $120 billion of U.S. Treasury bonds are locked in stablecoins, forming a liquidity pool outside the traditional market.