Delphi Digital Report: Stablecoin Supply Surpasses $250 Billion for the First Time

According to a report by Delphi Digital, the total supply of stablecoins has surpassed the $250 billion mark for the first time, with the market structure undergoing significant changes compared to 2022. Tether and Circle continue to dominate the market, together accounting for 86% of the circulating supply. Notably, yield-bearing stablecoins have experienced rapid growth, with Ethena reaching nearly $6 billion in scale since its launch. At the same time, there is a clear trend toward diversification among stablecoin issuers, with more than 10 stablecoins now having a circulation exceeding $100 million. Data from Delphi Digital shows that over $120 billion in U.S. Treasury bonds are locked within stablecoins, creating a liquidity black hole outside traditional markets.