An in-depth analysis of non-USD stablecoins across payments, FX, treasury, and DeFi — with onchain data and institutional case studies.
Total Supply Over Time
3x expansion in three years
Non-USD stablecoin supply grew from ~$350M to $1.1B (ex-EURT), outpacing USD stablecoin growth over the same period. The Nov 2024 dip reflects Tether's EURT discontinuation under MiCA.
Key Findings
Euro Dominance
Euro stablecoins represent 80%+ of total supply and 85% of transfer volume, accelerated by MiCA compliance and EURC's deep DeFi integration.
BRL Breakout
Brazilian real stablecoins grew 8x in volume YoY, driven by PIX integration and domestic payment rails connecting to global settlement.
JPY Emergence
Yen stablecoins accelerated after Japan's Payment Services Act amendments enabled regulated issuance, with JPYC leading FSA-compliant adoption.
SGD Corridors
XSGD powers real-time cross-border settlement across Southeast Asian wallets, cards, and QR systems — invisible to the end user.
Payments-First Usage
Excluding EURC, 80% of activity consists of simple transfers consistent with payments, payroll, and settlement — not DeFi yield strategies.
Visa Infrastructure
Visa enables stablecoin settlement across cards, payouts, and treasury workflows — bridging onchain liquidity with 175M+ merchant acceptance points.
Payments, P2P, settlement, off-ramps
Aave, Morpho, Fluid — mostly EURC
Swaps + liquidity provision
Deposits, withdrawals, settlement
Bridges, governance, misc
Activity Breakdown
Where the volume flows
Transfer volume composition as of early 2026 across Solana and EVM chains. Unidentified transfers likely include P2P payments, settlement, and off-ramp flows.
EURC and EURT, driven by MiCA
PIX integration and domestic rails
XSGD cross-border settlement, SE Asia
JPYC, FSA-compliant issuance
GBP, ARS, CHF and emerging pilots
Market Share
Total supply by currency
As of February 2026, across the $1.1B tracked non-USD stablecoin market.
Who should read this
Banks and financial institutions
To explore stablecoin settlement
Payment providers and fintechs
To navigate multi-currency flows
Researchers and investors in emerging markets
To track local currency stablecoin adoption
“EURC delivers trusted, fully reserved onchain euro flows for global commerce and real-time settlement.”
Eran Shtiegman
SVP, Product Management, Circle
“BRLA operates as invisible settlement infrastructure, while users interact only with familiar payment rails.”
Pedro Furtado
CPO, Picnic
“Real adoption at scale requires local rails, local compliance, and local denominations.”
Matheus Mora
Co-Founder and CEO, Avenia
“XSGD helps reduce unnecessary FX exposure while supporting a more balanced regional payments infrastructure.”
Tianwei Liu
CEO and Co-Founder, StraitsX
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