BeyondDollarization

We just published Beyond Dollarization, a new research report in partnership with Visa, analyzing the emergence of local currency stablecoins — digital representations of euros, reais, yen, Singapore dollars, and other national currencies issued on public blockchains.

Most of the stablecoin conversation focuses on USDC and USDT. But a second wave is gaining traction, and the onchain data tells a compelling story.

Since January 2023, non-USD stablecoins have grown 3× in total supply (ex-EURT), from $350M to $1.1B. But supply understates what's happening. Holder addresses expanded 30x to 1.2M. Monthly transfer volume grew 16x to $10B. Monthly unique senders grew 22x to 135K.

Distribution is massively outpacing issuance. These assets are being used, not just minted.

Euro stablecoins account for over 80% of total supply and 85% of transfer volume, accelerated by MiCA compliance and EURC's deep integration into DeFi lending markets. BRL stablecoins grew 8x in volume year-over-year, driven by PIX integration connecting Brazil's instant payment system with blockchain settlement. JPY stablecoins surged after Japan's Payment Services Act amendments enabled regulated issuance, with JPYC leading FSA-compliant adoption. Overall, most stablecoins analyzed in this report recorded growth across key metrics.

Excluding EURC, roughly 80% of activity consists of simple transfers consistent with payments, payroll, and settlement rather than trading or yield strategies. Weekend volume drops reinforce this: the patterns look like business payments, not speculation.

Ethereum still leads in supply at ~65%, though down from nearly 90% in early 2023. But the holder and sender distribution paints a different picture.

Solana and Polygon lead in unique senders (~45K and ~39K respectively), while Base dominates transfer volume, processing $4.4B.

Gnosis, Celo, and Polygon collectively represent over 70% of unique wallets despite holding only ~6% of supply.

This points to regional specialization: chains are being selected not for global liquidity, but for tight integration with national payment rails, local wallets, and fintech ecosystems.

Three catalysts stand out from the data:

• Regulatory clarity. MiCA in the EU, MAS's SCS framework in Singapore, Brazil's 2025 resolutions, and Japan's Payment Services Act amendments have all introduced clear licensing, reserve, and redemption standards. Markets with dedicated regimes are scaling. Markets without them are stalling.
• Payment rail integration. Local currency stablecoins are connecting to domestic systems — PIX in Brazil, GrabPay and Alipay+ in Singapore, Visa card programs across 40+ countries. This isn't about replacing existing infrastructure but extending it.
• Infrastructure providers. Visa is enabling stablecoin settlement across cards, payouts, and treasury workflows through Visa Direct, stablecoin-linked card programs, and partnerships with issuers like Circle. This bridges onchain liquidity with 175M+ merchant acceptance points.

The report goes deep on three stablecoins finding product-market fit in different corridors:

EURC (Euro) — Circle's MiCA-compliant euro stablecoin surpassed $500M in supply across 190K addresses, with $10–20B in monthly transfer volume and deep DeFi integration across Aave, Morpho, and Fluid.

BRLA (Brazilian Real) — Avenia's fully collateralized BRL stablecoin connects PIX with blockchain settlement. Transfer volume grew 8× YoY, and consumer-facing products like Picnic enable Visa card spending backed by BRLA.

XSGD (Singapore Dollar) — StraitsX's MAS-compliant SGD stablecoin powers cross-border settlement across wallets, cards, and QR payments in Southeast Asia, including partnerships with Grab and Ant International.

This report is built on Dune's stablecoins dataset, covering 200+ stablecoins across 30+ blockchains with labeled balances, transfer activity by category, holder segmentation, and issuer-level breakdowns.

Read the full report and explore the live data at dune.com/stablecoin-report.