TechFlow news, June 19 — Delphi Digital reported that the total supply of stablecoins has surpassed $250 billion for the first time, marking a significant shift in market structure since 2022. Tether and Circle continue to dominate the market, collectively accounting for 86% of the circulating supply. Notably, yield-bearing stablecoins are growing rapidly, with Ethena reaching nearly $6 billion in scale since its launch. Meanwhile, there is a clear trend toward greater diversification among stablecoin issuers, with over ten stablecoins now having more than $100 million in circulation. According to Delphi Digital data, more than $120 billion in U.S. Treasury securities are locked within stablecoins, creating a liquidity black hole outside traditional markets.
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