According to Deep Tide TechFlow news on June 19, Delphi Digital reported that the total supply of stablecoins has surpassed $250 billion for the first time, with significant changes in market structure compared to 2022. Tether and Circle continue to dominate the market, collectively accounting for 86% of the Circulating Supply. Notably, yield-bearing stablecoins are experiencing rapid growth, with Ethena's scale approaching $6 billion since its launch. At the same time, there is a clear trend of diversification among stablecoin issuers, with more than 10 stablecoins currently having a Circulating Supply exceeding $100 million. According to Delphi Digital data, over $120 billion in U.S. Treasury bonds are locked in stablecoins, creating a liquidity black hole outside of traditional markets.