The five-year supply of non-USD stablecoins has nearly doubled, while their market share continues to decline, reaching 0.24%.

BlockBeats News, May 20th. The supply of non-dollar stablecoins has experienced significant growth in the past five years, but their importance in the overall stablecoin market has not increased. According to Artemis data, as of April 2026, the total supply of non-dollar stablecoins such as Euro, Canadian Dollar, Japanese Yen, Singapore Dollar, etc., has increased from $261 million in May 2021 to approximately $771 million, but their market share has slightly decreased from 0.26% to 0.24%. This means that dollar-pegged stablecoins dominate 99.76% of the market share.

In the traditional financial sector, the dominance of the dollar is slowly eroding. The dollar accounts for 89% of foreign exchange transactions, 61% of foreign currency debt issuance, and 57% of global reserves, all of which have been declining over the past decade. But in the realm of blockchain, the situation is quite the opposite.

The rise in U.S. Treasury yields may further deepen this advantage. Dollar-pegged stablecoins are not only backed by the world's dominant currency but are increasingly supported by the world's deepest short-term government debt market. The increase in yields allows issuers holding U.S. Treasury bonds to earn more reserve income, making the issuance of dollar stablecoins more profitable.

This bond advantage has become evident on-chain. According to RWA.xyz data, the tokenized U.S. Treasury bond market has reached $15.4 billion, becoming the largest RWA asset class, while the total amount of tokenized non-U.S. government bonds is only $1.4 billion. This means that the on-chain U.S. Treasury bond market is approximately 11 times the size of all other government bond markets combined.

Coinbase's Global Head of Stablecoins, John Turner, explained at the CoinDesk Consensus conference that the dominant position of dollar stablecoins has early on formed a self-reinforcing cycle, "Liquidity brings transaction volume, transaction volume brings use cases, and use cases bring more liquidity." This flywheel effect is something non-dollar stablecoin issuers have consistently failed to kickstart.