Stablecoins are expanding, but almost all of that growth still belongs to the U.S. dollar. According to Artemis data cited by CoinDesk, the combined supply of non-dollar stablecoins rose from $261 million in May 2021 to about $771 million in April 2026. Yet their market share did not increase. It slipped from 0.26% to 0.24%, leaving dollar-pegged tokens with roughly 99.76% of the market.

On paper, the idea of non-dollar stablecoins makes sense. Issuers are building tokens linked to the euro, yen, Canadian dollar, Singapore dollar and other currencies. But the data shows that users are barely adopting them at scale. The core problem is liquidity. Dollar stablecoins have already become the default settlement currency for crypto trading, DeFi and exchange-to-exchange flows.

Dollar-based issuers also benefit from the depth of the U.S. Treasury market. Short-term government debt gives them a liquid reserve base and a yield advantage that can be reinvested into distribution, partnerships and market-making. CoinDesk notes that tokenized U.S. government debt stands at about $15.4 billion, compared with only $1.4 billion for tokenized non-U.S. government debt.

That creates a difficult cycle for non-dollar stablecoins: without liquidity, they do not attract volume; without volume, they do not attract major use cases; and without use cases, liquidity never compounds. For now, the market’s message is clear: stablecoin demand remains overwhelmingly dollar-based.