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.