According to a report by Deep Tide TechFlow, Delphi Digital's report shows that the total supply of stablecoins has surpassed $250 billion for the first time. The market structure has changed significantly compared to 2022, with Tether and Circle continuing to dominate the market, collectively accounting for 86% of the circulating supply.
Yield-bearing stablecoins are growing rapidly, with Ethena nearing $6 billion in scale since its launch. There is a clear trend of diversification among stablecoin issuers, with over ten stablecoins currently having a circulating supply of over $100 million.
Delphi Digital data shows that over $120 billion in U.S. Treasuries is locked up in stablecoins, creating a liquidity black hole outside of traditional markets.
