Blockchain analytics firm Dune and payments giant Visa released a joint report Wednesday highlighting rapid growth in stablecoins denominated in local currencies.
While the USD stablecoin market hovers near $300 billion, non-USD variants have expanded sharply, driven by everyday payments and corporate treasury needs rather than speculative trading.
Sharp Expansion in Supply and Adoption
Non-USD stablecoin supply rose threefold to about $1.1 billion over three years, outpacing broader stablecoin growth. The number of unique holder addresses jumped 30 times from 40K to 1.2 million. Monthly transfer volume increased 16-fold, reaching $10 billion compared to the previous $600 million.
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Euro-denominated stablecoins dominate, accounting for roughly 85% of transfer volume, followed by emerging growth in Brazilian real, Japanese yen, and Singapore dollar stablecoins.
Payments and Treasury Dominate Activity
About 80% of on-chain activity consists of simple transfers consistent with payments, payroll and settlement. Weekend drops in volume mirror traditional payroll cycles.
Brazilian real stablecoins recorded an eightfold increase in yearly volume, aided by integration with local systems such as PIX.
Euro stablecoins also support DeFi lending, but overall usage remains payments-first across more than 30 chains.
Why This Matters
Stablecoins are increasingly serving as practical infrastructure for local economies, helping reduce foreign-exchange risk and accelerate payments. Recent data indicate a steady but rapid global adoption of stablecoins denominated in local currencies.
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People Also Ask:
A stablecoin is a type of cryptocurrency designed to maintain a stable value, often pegged to a fiat currency like the US dollar.
A local-currency stablecoin is pegged to a country’s currency, allowing residents and businesses to transact digitally without relying on foreign currency.
Retail users, businesses, and financial institutions use stablecoins for payments, remittances, trading, and cross-border transactions.
