The stablecoin market size has for the first time surpassed the $250 billion mark, signifying the continued expansion and maturity of the sector. Yield-bearing stablecoins like Ethena have seen rapid growth in size since their listing, now nearing $60 billion.

The market is still dominated by $USDT and $USDC, which together account for approximately 86% of the overall circulation. The leading stablecoin market remains the top two, with over 10 types of stablecoins circulating in the market with a size exceeding $100 million. The stablecoin ecosystem has locked in over $1.2 trillion in U.S. Treasury assets, forming a relatively isolated pool of funds from traditional financial markets, providing liquidity while reducing direct impact on traditional markets.

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