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.