Non-dollar stablecoins have expanded in absolute terms but continue to lose ground in market share, according to new data from Artemis. In April 2026, the combined supply of euro, yen, Canadian dollar, Singapore dollar and other non-USD stablecoins reached around $771 million — up from $261 million in May 2021. However, their share of the total stablecoin market slipped to 0.24%, down from 0.26% five years earlier, leaving dollar-pegged tokens with a commanding 99.76% share.
Rising U.S. Treasury yields are reinforcing that dominance. Dollar stablecoin issuers now hold a growing pool of short-term government debt that earns interest, increasing their profitability and firepower for distribution, liquidity incentives and partnerships. Tokenized U.S. Treasury debt stands at $15.4 billion, roughly 11 times larger than all tokenized non-U.S. government debt combined ($1.4 billion), data from RWA.xyz shows. This reserve advantage gives USD stablecoins a deep, liquid collateral base that issuers in other currencies lack.
John Turner, Coinbase’s global head of stablecoins, described the self‑reinforcing loop at Consensus Hong Kong: “it was a liquidity story ... liquidity got volume.” Volume attracted use cases, which attracted more liquidity — a flywheel that non‑dollar stablecoins have never been able to start.
Moreover, most fiat currencies are not internationally tradable. The IMF counts about 180 currencies, but fewer than ten trade with meaningful global liquidity. The rest, including large Asian currencies like the Taiwan dollar or Korean won, are restricted onshore. That leaves only a handful of candidates — the euro, yen, etc. — that could plausibly support a global stablecoin, yet even those show little traction for now.
