Stablecoin market supply exceeds $250 billion, per Delphi Digital. Tether and Circle dominate with 86% of circulation. Yield-bearing stablecoins grow rapidly, with Ethena nearing $6 billion since launch. Over 10 stablecoins have circulation above $1 billion, showing increased issuer diversity. Over $120 billion in U.S. Treasuries are locked in stablecoins, forming a liquidity pool outside traditional markets.