The supply of non-USD stablecoins has grown to approximately $771 million, with market share falling to 0.24%.

On May 20, according to CoinDesk, the supply of non-USD stablecoins increased from $261 million in May 2021 to approximately $771 million in April 2026. However, their market share decreased from 0.26% to 0.24%, with USD stablecoins still holding a 99.76% market share. While the dominance of the US dollar is slowly weakening in traditional finance, the situation on-chain is the opposite. USD stablecoins are not only supported by the global dominant currency but also increasingly by the world's deepest pools of short-term government debt. Furthermore, the market for tokenized US Treasury bonds is valued at $15.4 billion, while non-US tokenized government bonds are only $1.4 billion, a difference of about 11 times. USD stablecoin issuers have access to a deep, liquid base of yield-bearing collateral, whereas non-USD issuers lack equivalent reserve infrastructure. John Turner, Coinbase's global head of stablecoins, stated that this dominance formed a self-reinforcing cycle early on: liquidity brings trading volume, trading volume brings use cases, and use cases bring more liquidity. Non-USD issuers have never been able to initiate this flywheel effect.