According to the latest report from Delphi Digital, the total stablecoin supply in the market has now exceeded 250 billion USD – an important milestone demonstrating the increasingly significant role of stablecoin in the decentralized financial ecosystem (DeFi) and the cryptocurrency market in general.
The two giants in the stablecoin field, Tether (USDT) and Circle (USDC), continue to maintain their dominant position, accounting for 86% of the total circulating stablecoin supply. This is evidence of the trust level and overwhelming scale of these two stablecoins globally.
Additionally, the market is witnessing rapid growth of yield-bearing stablecoins – a digital asset type that offers both stability and returns for holders. Leading this trend is Ethena (USDe), with its supply nearly reaching 6 billion USD just a few months after launch. Ethena's strong growth demonstrates a clear demand for stablecoin products capable of generating passive income.
Notably, over 10 stablecoins currently have a circulating market capital of more than 1 billion USD, showing increasing diversity in the stablecoin issuance ecosystem. This not only promotes competition but also helps the ecosystem become more flexible and sustainable against potential risks from dependence on a few issuing organizations.
Furthermore, over 120 billion USD in U.S. Treasuries are currently "locked" in stablecoin collateral assets. This figure creates a massive liquidity pool outside the traditional financial system, while also reflecting the growing role of stablecoins as a bridge between traditional finance (TradFi) and decentralized finance (DeFi).
With the current growth trajectory, stablecoins are not only serving as a stable payment tool but are also becoming a core part of asset management strategies, providing liquidity and optimizing returns for both individuals and global investment organizations.
