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

May 20: The supply of non-dollar-pegged stablecoins has surged over the past five years, but their share of the overall stablecoin market hasn’t budged upward. Per Artemis data, as of April 2026, the total supply of non-dollar stablecoins—including those pegged to the euro, Canadian dollar, Japanese yen, Singapore dollar, etc.—climbed from $261 million in May 2021 to roughly $771 million. Yet their market share dipped slightly from 0.26% to 0.24%, meaning dollar-pegged stablecoins hold a commanding 99.76% of the total market. In traditional finance, the U.S. dollar’s global dominance is slowly fraying. Over the past decade, the greenback has made up 89% of all foreign exchange trades, 61% of global foreign currency debt issuance, and 57% of world foreign exchange reserves—each of these metrics has been declining steadily. But in the blockchain space, the exact opposite trend holds true. Rising U.S. Treasury yields are likely amplifying this advantage. Dollar-pegged stablecoins are not only tied to the world’s dominant currency; they’re also increasingly backed by the deepest, most liquid short-term government debt market in the world. Higher yields let issuers holding U.S. Treasuries earn more from their reserve holdings, boosting the profitability of issuing dollar-pegged stablecoins. This bond-related edge is visible on the blockchain too. Per RWA.xyz data, the tokenized U.S. Treasury bond market has hit $15.4 billion, making it the largest real-world asset (RWA) class. By contrast, total tokenized non-U.S. government bonds stand at just $1.4 billion—meaning the on-chain U.S. Treasury market is roughly 11 times larger than all other tokenized government bond markets combined. Coinbase’s Global Head of Stablecoins John Turner noted during a CoinDesk Consensus conference that dollar stablecoins’ leading position has created a self-reinforcing cycle from the very start: “Liquidity drives transaction volume, transaction volume drives use cases, and use cases attract more liquidity.” This flywheel effect is something non-dollar stablecoin issuers have never been able to get off the ground.