The stablecoin market has surpassed $250 billion in total supply, according to Delphi Digital. Tether and Circle control 86% of this, but issuer diversity is growing, with over 10 stablecoins now exceeding $1 billion in circulation. Yield-bearing stablecoins like Ethena are expanding quickly, with Ethena alone nearing $6 billion since launch. More than $120 billion in U.S. Treasuries back these assets, creating a large liquidity pool outside traditional finance.