According to online reports, Delphi Digital reported that the total supply of stablecoins exceeded the US$250 billion mark for the first time, and the market structure has changed significantly compared with 2022. Tether and Circle continue to dominate the market, accounting for 86% of circulating supply. It is worth noting that income-based stablecoins have grown rapidly, with Ethena's size reaching nearly US$6 billion since its launch. At the same time, there is an obvious trend of diversification among issuers of stablecoins. Currently, more than 10 types of stablecoins in circulation exceed US$100 million. According to Delphi Digital data, more than $120 billion of U.S. Treasury bonds are locked in stablecoins, forming a liquidity black hole outside traditional markets.