Commissioned by Beyond and developed by Dune in collaboration with Visa. Examines the emerging market for non-USD stablecoins (euros, Brazilian reals, Singapore dollars, yen) on blockchain networks.
Stablecoins are evolving infrastructure for global payments. Cross-border payment flows reached ~$208 trillion in 2025, projected to exceed $320 trillion by 2032; only about one-third of retail cross-border payments settle within one hour, and remittance costs average ~6.5%. Local currency stablecoins enable real-time settlement in local currencies while maintaining regulatory compliance. Payment infrastructure providers like Visa are "developing bridges between traditional card and payout rails and stablecoin settlement."
Supply & distribution: combined supply up ~70% from $700M (Jan 2023) to $1.2B (Feb 2026). Excluding Tether's discontinued EURT, non-USD stablecoins expanded 3x vs 2.3x for USD stablecoins. Unique holder addresses grew from 40,000 to 1.2 million — a 30x increase. Supply location (March 2026): ~46% unidentified addresses; ~25% centralized exchanges; ~13% issuer treasuries; ~7.5% lending protocols (fastest-growing, up from 1.4%); ~2% DEX liquidity pools. Activity: transfer volume grew from $600M to $10B (16x). Monthly unique senders from 6,000 to 135,000 (22x). Velocity rising faster than supply suggests operational deployment as settlement instruments. Currency breakdown: EUR stablecoins ~80% of market cap; BRL ~10%; SGD and JPY ~1.5% each. Euro stablecoins represent only ~0.3% of the $300B global stablecoin market.
Excluding EURC (90% of transfer volume): ~79% unidentified transfers (likely payments/settlement); ~11% DEX activity; ~5% liquidity provision; ~3% lending. Weekend slowdowns indicate business payment patterns consistent with payroll cycles and treasury settlement.
Supply: Ethereum ~65% (down from 90%), Solana ~13%, Base ~7%. Holders: Gnosis, Celo, Polygon collectively 70%+ of unique wallets. Volume: Base + Ethereum ~73% combined. Senders: Polygon and Solana lead.
EURC (Circle): $500M+ supply across 190,000 addresses, $10–20B monthly volume. Integrated with Visa Direct and major fintech platforms; deep DeFi integration (Aave $100M+, Morpho $30M+). DEX volumes up from $100M (early 2023) to $700M (early 2026). BRLA (Avenia): BRL stablecoin backed 1:1 by BRL deposits and government bonds. Transfer volume up 8x YoY to $400M+ (Feb 2026). Integrated with PIX via Picnic. BRLA Pay volume grew from $64M to $440M on Polygon. XSGD (StraitsX): SGD stablecoin substantively compliant with MAS framework. Partnerships with Grab/Ant International for instant SGD merchant settlement. Card integration through Chocolate Finance reaches 175 million Visa merchants. Supports x402-based AI agent payments via Solana. Visa infrastructure: settlement up to seven days weekly through partners like Circle; Visa Direct enables cross-border payouts using stablecoins; stablecoin-linked card programs live in 40 countries, expanding to 100+ by end 2026; global access through 14,500 financial institutions and 175M+ acceptance points; Tokenized Asset Platform (VTAP) enables banks to mint local currency stablecoins.
1. Distribution expanding faster than supply: holder growth (30x) and sender growth (22x) outpaced supply growth (3x). 2. Payments dominate: 80% of non-EURC activity represents simple transfers consistent with operational use. 3. Functional specialization by chain: regional integration prioritized over global scale. 4. Rising velocity: 16x volume growth signals active settlement deployment. 5. Regulation as catalyst: MiCA (EU), MAS SCS (Singapore), Brazil's 2025 framework, Japan's amended PSA drove adoption. 6. Mature financial systems leading: sustained scaling in euros and yen rather than emerging-market volatility plays.
Digital payment corridors (24/7 settlement, lower pre-funding); programmable treasury flows; merchant settlement automation (near-instant payroll and cross-border settlement in local currency); regulatory momentum reducing integration barriers.
"Local currency stablecoins are becoming a crucial component of a multi-currency digital payments stack," with infrastructure providers enabling adoption at scale in "a payments landscape increasingly moving beyond dollarization."