A new report by Visa in collaboration with Dune reveals a major shift in the stablecoin landscape: non-dollar-denominated stablecoins are experiencing explosive adoption for real-world financial activities, contrasting with dollar-pegged stablecoins that dominate DeFi yield strategies.
Supply and Transaction Volume Skyrocket
As of February 2026, the total supply of non-dollar stablecoins reached $1.1 billion, nearly tripling since January 2023. The transaction volume surged even more dramatically, climbing from $600 million to $10 billion over the same period — a staggering 1,600% increase. The number of addresses holding these stablecoins exceeded 1.2 million, while active sending addresses jumped from 6,000 to 135,000, a 22-fold growth.
Use Case Divergence: Dollar vs. Non-Dollar Stablecoins
The report highlights a clear divergence in use cases. Dollar-pegged stablecoins (like USDT and USDC) remain primarily used for DeFi yield generation and crypto trading. In contrast, non-dollar stablecoins (pegged to currencies such as the euro, yen, or Brazilian real) are increasingly adopted for cross-border payments, remittances, and B2B settlements. Visa analysts stated that this shift signals stablecoins evolving from speculative crypto assets into a foundational layer of the global payment infrastructure.
Implications for Crypto and Traditional Finance
The rise of non-dollar stablecoins poses a competitive threat to traditional payment networks like SWIFT, offering lower costs, faster settlement, and programmability. These advantages are particularly appealing in emerging markets and high-inflation economies. Visa’s head of research commented: “We are witnessing a critical transition of stablecoins from ‘speculative tools’ to ‘payment instruments.’” Regulators are also likely to accelerate stablecoin legislation to ensure financial stability. Although non-dollar stablecoins currently represent only about 1-2% of the total stablecoin market, their growth rate far exceeds that of dollar-pegged counterparts. Dune analysts predict that “euro stablecoins could become significant in trade settlement within the next two years.”