Non-dollar stablecoins are struggling to crack 0.5% of market share
Non-dollar stablecoins are struggling to gain significant market share, currently holding only 0.24% of the stablecoin market. Despite an increase in supply to $771 million since 2021, they remain overshadowed by dollar-pegged stablecoins, which dominate with 99.76% market share. The lack of international liquidity for most national currencies limits the potential for non-dollar stablecoins to become more widely used.
- ▪Non-dollar stablecoins have grown in supply to about $771 million since 2021, but their market share has slipped to 0.24%.
- ▪Dollar-pegged stablecoins benefit from access to deep, liquid U.S. Treasury markets, with $15.4 billion in tokenized U.S. government debt.
- ▪Most national currencies lack meaningful international liquidity, leaving dollar-based tokens overwhelmingly dominant.
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MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailNon-dollar stablecoins are struggling to crack 0.5% of market shareEveryone is building non-dollar stablecoins. But data shows that compared to USD-denominated stablecoins, almost no one is using them.By Sam Reynolds|Edited by Omkar Godbole May 20, 2026, 6:13 a.m. 2 min readMake preferred on Non-dollar stablecoins struggle to gather traction. (Roman Synkevych/Unsplash)What to know: Non-dollar stablecoins have grown in supply to about $771 million since 2021, but their share of the stablecoin market has edged down to just 0.24%.Dollar-pegged stablecoins benefit from access to deep, liquid U.S. Treasury markets, with about $15.4 billion in tokenized U.S. government debt far outstripping non-U.S.
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