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.
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