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

• Yield-bearing stablecoins are growing fast. Ethena has grown to nearly $6 billion in under a year.

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

• Issuer diversity is increasing. Ten stablecoins now exceed $100 million in circulation, up from four in 2022.

• About $180 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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