Stablecoins pegged to national currencies other than the U.S. dollar are showing accelerated growth and are becoming a meaningful component of cross-border payments. The main driver behind this expansion is rising user activity in euro-pegged stablecoins.
According to a study conducted by Dune Analytics on behalf of Visa, the total supply of stablecoins pegged to local currencies increased by around 70%, from ~$700 million in January 2023 to ~$1.2 billion by February 2026. Over the same period, the number of holders grew more than 30-fold, exceeding 1.2 million addresses.
All data presented in the report and referenced in this article covers the period from January 2023 to February 2026.
Analysts identify growing real-world usage in payments and settlements as the key driver of the non-USD stablecoin segment. Transaction volume involving these assets surged 16-fold, from ~$600 million to $10 billion. Meanwhile, the number of active users increased from roughly 6,000 to 135,000 during the same timeframe.
Analysts found that around 80% of the total market cap of local currency stablecoins is made up of euro-pegged assets. These account for about 85% of all transactions. Transaction volume in euro stablecoins alone rose from $270 million to $8 billion, while their user base grew by 78%, surpassing 100,000 users.
A key asset in this segment is Circle’s EURC stablecoin. Its market capitalization exceeded $500 million, and its monthly transaction volume reached $20 billion. The number of EURC holders climbed to 190,000 addresses. The stablecoin is actively used in payment infrastructure and is integrated with Visa Direct.
Beyond euro-pegged assets, other non-USD stablecoins are also gaining traction:
- Brazilian real-based assets account for roughly 10% of the segment, with monthly transaction volumes reaching $1 billion and around 14,000 active users.
- Japanese yen-denominated stablecoins make up about 8% of the segment. Following the launch of regulated solutions, their user base grew to approximately 10,000.
- Singapore dollar-based stablecoins represent around 1.5% of the segment, with monthly transaction volume increasing from about $60 million to $130 million.
Other currencies, including the Mexican peso, South African rand, Canadian dollar, and Australian dollar, are also seeing growth in both transaction volumes and users. However, their adoption remains relatively niche, with fewer than 1,000 active users per month.
Analysts note that about 46% of local currency stablecoins are held in unidentified wallets, 25% on CEXs, and only around 7.5% are used in DeFi protocols. This distribution suggests that these assets are primarily used as a payment and settlement tool rather than for speculation.
The report also highlights that the segment’s growth and faster adoption are being driven by regulatory developments and integration with payment infrastructure, including:
- the implementation of MiCA in the EU;
- integration with Brazil’s PIX system;
- changes in Japan’s payment legislation.
At the same time, Visa is developing infrastructure that enables stablecoin settlements through existing card and payment networks.
Dune analysts estimate that local stablecoins can reduce transaction costs by an average of 6.5% and speed up settlements, a third of which still take more than an hour.
A consortium of European banks is planning to launch a new euro-pegged stablecoin in the near future.
