Non-USD stablecoin supply grew +300% over 3 years (ex-EURT, $0.35B to $1.1B), outpacing USD stablecoins at +130%. Per the Dune x Visa "Beyond Dollarization" report.
> The EURT adjustment matters. Tether's euro stablecoin collapsed from $400M to $50M in Nov 2024 after failing MiCA compliance. Excluding it, the remaining non-USD stablecoins tripled. EURC (Circle) captured the gap, growing 138% post-MiCA license.
> Supply grew 3x, but distribution grew faster. Holders: 30x (40K to 1.2M). Senders: 22x (6K to 135K). Volume: 16x ($600M to $10B monthly). Non-USD stablecoins are mainly used as operational money for payments and settlement, not DeFi yield.
> Japan (JPYC, 3 mega-bank consortium), Brazil (BRL volume nearing $1B annual), Singapore (XSGD via Grab) are each scaling with local regulatory backing. Adoption appears to track regulatory maturity more closely than macro volatility.
The author of this report may have personal holdings or financial interests in assets or tokens discussed herein. However, the author affirms that no transactions have conducted using material non-public information obtained in the course of research or drafting. This report is intended solely for general information purposes and does not constitute legal, business, investment, or tax advice. It should not be used as a basis for making any investment decisions or as guidance for accounting, legal, or tax matters. Any references to specific assets or securities are made for informational purposes only and should not be construed as an offer, solicitation, or recommendation to invest. The opinions expressed herein are those of the author and may not reflect the views of any affiliated institutions, organizations, or individuals. The opinions and analyses expressed herein are subject to change without prior notice. In addition, beyond the individual disclosures included in each report, Four Pillars, may hold existing or prospective investments in some of the assets or protocols discussed herein. Furthermore, FP Validated, a division of Four Pillars, may already be operating as a node in certain networks or protocols discussed herein or may do so in the future. Please see below links in the footer for FP Validated's participating network disclosures and for broader disclosure details.
