According to recent data from Delphi Digital, the total circulating supply of stablecoins has surpassed the $250 billion mark — a historic milestone that underscores the recovery and growth of the digital asset sector.

USDT (Tether) and USDC (Circle) continue to lead the market, collectively accounting for approximately 86% of the total supply. At the same time, market diversification is accelerating, with over ten stablecoins now exceeding $100 million in circulation.

Yield-bearing stablecoins are also gaining traction. Ethena, for example, has reached nearly $6 billion in supply since its launch. Currently, over $120 billion of stablecoin value is backed by U.S. Treasury securities.

Drivers Behind the $250 Billion Milestone

Several factors have contributed to this upward trajectory:

the broader recovery of the digital asset market;

the launch of U.S.-listed crypto ETFs in 2024;

shifting political sentiment favoring digital finance under the Trump administration.

These developments have spurred renewed institutional interest and legislative action.

GENIUS Act Gains Momentum

The U.S. Senate recently passed the GENIUS Act (Guiding and Enhancing National Innovations for US Stablecoins) with a 68-30 vote. President Donald Trump has urged the House of Representatives to expedite its approval, positioning the legislation as a catalyst for U.S. leadership in the digital asset space.

Republican Senator Bill Hagerty, who authored the bill, emphasized its potential to streamline payments and bolster transparency in the stablecoin ecosystem. A vote in the Republican-controlled House is expected soon.

However, the bill has faced criticism, particularly from Democratic lawmakers. Senator Elizabeth Warren expressed concerns about potential conflicts of interest, warning that the legislation could financially benefit Trump and his associates through their involvement in the USD1 stablecoin. Senator Mark Warner echoed ethical reservations but warned that further delays could leave the U.S. behind in the global race for digital innovation.

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