Stablecoin supply tops $250 billion as Tether, Circle control 86% share; over $120 billion in U.S. Treasuries back tokens as yield-bearing stablecoins like Ethena surge past $6 billion and issuer diversity expands with 10+ $1B tokens
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.
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