Stablecoin supply has passed $250 billion for the first time.

• Yield-bearing stablecoins are growing fast. Ethena has grown to nearly $6 billion since launch.

• Tether and Circle still dominate, holding a combined 86% of outstanding supply.

• Issuer diversity is increasing. 10+ stablecoins now exceed $100 million in circulation.

• Over $120 billion in U.S. Treasuries are locked inside stablecoins, forming a liquidity sink outside traditional markets.

The market looks very different from 2022.