Stablecoins have long been synonymous with the US dollar, but a quiet evolution is now underway. According to the latest Dune Analytics report commissioned by Visa (NYSE: V), non-USD stablecoins—pegged to local currencies—are expanding rapidly, signaling a shift toward more localized and efficient on-chain finance.
As of early 2026, the total supply of these assets has reached approximately $1.2 billion, marking a threefold increase over the past three years from around $350 million (excluding one discontinued euro token).
This growth has outpaced USD stablecoins during the same period, with unique holder addresses climbing to 1.2 million—a 30-fold rise—and transfer volumes surging 16 times between 2023 and 2026.
Euro-denominated stablecoins dominate the landscape, accounting for more than 80% of total supply and roughly 85% of transfer activity.
This leadership stems largely from regulatory clarity under Europe’s MiCA framework, which has boosted compliance and integration.
Tokens like EURC have found strong traction not only in traditional finance but also within decentralized finance (DeFi) protocols.
A brief dip in late 2024 occurred after Tether phased out its EURT token in response to the new rules, yet the segment has since rebounded strongly.
Emerging markets are driving the next wave of innovation.
Brazilian real (BRL) stablecoins have seen an eightfold jump in yearly transfer volume, fueled by seamless connections to Brazil’s PIX instant payment system and domestic banking rails.
This allows users to move value globally while interacting only with familiar local tools.
In Japan, recent amendments to the Payment Services Act have accelerated yen stablecoin issuance, with regulated offerings like JPYC leading the charge.
Meanwhile, Singapore dollar (SGD) stablecoins, notably XSGD, are enabling real-time cross-border settlements across Southeast Asian wallets, cards, and QR code systems—often invisible to everyday users and reducing unnecessary foreign exchange exposure.
Usage patterns reveal a clear payments-first focus.
Excluding the most DeFi-heavy euro tokens, about 80% of non-USD stablecoin activity involves straightforward transfers for payroll, settlements, peer-to-peer payments, and off-ramps.
A recent breakdown across Solana and EVM chains shows unidentified transfers (likely everyday payments and settlements) making up 38% of volume, followed by lending at 29%, decentralized exchange activity at 17%, and centralized exchange flows at 14%.
This contrasts with the yield-chasing behavior often seen in USD stablecoins and underscores how local-currency versions are being adopted as practical infrastructure rather than speculative instruments.
Visa is bridging this on-chain liquidity with traditional rails, supporting stablecoin settlements for cards, payouts, and treasury operations across more than 175 million merchant locations worldwide.
Industry professionals highlight the importance of local compliance, rails, and denominations for scaling real adoption.
As one executive noted, trusted on-chain euro flows are powering global commerce, while others emphasize how invisible settlement layers enhance familiar payment experiences.
The rise of non-USD stablecoins points to a future where blockchain infrastructure adapts to regional needs rather than relying solely on dollar dominance.
With supply tripling, holders multiplying, and volumes surging, these assets are poised to reshape cross-border payments, treasury management, and DeFi in ways that feel native to users everywhere. For banks, fintechs, and emerging-market investors, the strategy is clear: the stablecoin narrative is no longer just about moving dollars globally – it’s also going local.