Deep Tide TechFlow News, on June 19, Delphi Digital reported that the total supply of stablecoins has exceeded $250 billion for the first time, and the market structure has changed significantly compared to 2022. Tether and Circle continue to dominate the market, accounting for 86% of the circulating supply. Notably, yield-bearing stablecoins are growing rapidly, with Ethena approaching $6 billion in scale since its launch. At the same time, there is a clear trend of diversification among stablecoin issuers, with more than 10 stablecoins currently having a circulation of over $100 million. According to Delphi Digital data, over $120 billion in U.S. Treasury bonds is locked in stablecoins, creating a liquidity black hole outside the traditional market.