New joint research reveals non-USD stablecoin supply grew 3x since 2023 as payment infrastructure providers bridge blockchain settlement with existing rails; report released at Blockworks Digital Asset Summit in New York.
Visa, the world’s leader in digital payments, and Dune, the leading onchain data platform, today published Beyond Dollarization, a comprehensive research report analyzing the rapid emergence of local currency stablecoins across payments, FX, treasury, and decentralized finance. The report was released at the Digital Asset Summit (DAS) in New York, the premier institutional crypto conference hosted by Blockworks.
While USD-denominated stablecoins continue to dominate by volume, a second wave is gaining traction: digital representations of euros, reais, Singapore dollars, yen, and other national currencies issued on public blockchains. Beyond Dollarization combines Dune’s onchain data analysis with institutional case studies to map where local currency stablecoins are being used, which currencies are gaining traction, and how they differ from USD stablecoins in real-world payment workflows.
Key Findings
The data reveals a market in rapid expansion:
- Non-USD stablecoin supply grew 3x from approximately $350 million in January 2023 to $1.1 billion by February 2026 (excluding discontinued EURT), outpacing the 2.3x growth of USD stablecoins over the same period.
- Holder addresses expanded 30x from 40,000 to over 1.2 million unique addresses, while monthly unique senders grew 22x to 135,000—demonstrating growth driven by broad participation, not concentrated holdings.
- Monthly transfer volume surged 16x to $10 billion, signaling that local currency stablecoins are being deployed as active settlement instruments, not simply issued and held.
- Payments dominate usage. Excluding EURC, approximately 80% of transfer activity consists of simple transfers consistent with payments, remittances, payroll, and treasury flows.
- Regulatory clarity is a catalyst. Euro stablecoins lead post-MiCA; BRL and JPY volumes accelerated following Brazil’s 2025 regulatory framework and Japan’s Payment Services Act amendments.
How Visa Is Enabling Multi-Currency Stablecoin Payments
Visa is positioned at the center of the bridge between blockchain-based settlement and the established financial rails that banks, acquirers, and merchants rely on globally. The report details how Visa supports both USD and non-USD stablecoins across multiple dimensions of the payments stack:
- Settlement infrastructure. Through partnerships with issuers like Circle, Visa enables stablecoin settlement up to seven days a week, reducing pre-funding requirements and improving multi-currency liquidity management.
- Real-time payouts. Via Visa Direct and partners such as BVNK, enterprises can execute cross-border payouts using stablecoins with automatic conversion to local fiat.
- Card integration. Visa supports stablecoin-linked card programs across more than 40 countries, enabling users to spend stablecoins while merchants receive local currency.
- Fiat connectivity. Visa facilitates global on- and off-ramps across a network of 14,500 financial institutions and over 175 million acceptance points.
- Visa Tokenized Asset Platform (VTAP). Banks and fintechs can mint and manage fiat-backed stablecoins—including local currencies—within regulated workflows.
Real-World Adoption: Case Studies
The report features in-depth case studies on three leading local currency stablecoins:
- EURC (Euro) — Circle’s MiCA-compliant euro stablecoin has surpassed $500 million in supply across 190,000 addresses, with $10–20 billion in monthly transfer volume.
- BRLA (Brazilian Real) — Issued by Avenia, BRLA connects PIX—Brazil’s instant payment system—with blockchain settlement, with transfer volume growing 8x year-over-year.
- XSGD (Singapore Dollar) — StraitsX’s regulated SGD stablecoin powers cross-border settlement across Southeast Asia, including a partnership with Grab and Ant International.
Looking Ahead
Local currency stablecoins are becoming a standard layer of cross-border payments and treasury infrastructure. Visa is committed to building the bridges that make this possible—supporting both USD and local currency stablecoins across settlement, payouts, cards, and fiat connectivity to enable a multi-currency payments stack where local currencies can move globally with blockchain efficiency.
The full report, including methodology, onchain data, and interactive dashboards, is available at website.
About Visa
Visa (NYSE: V) is the world’s leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. For more information, visit visa.com.
About Dune
Dune is the leading onchain data platform, providing accessible onchain datasets and real-time APIs for analyzing blockchain activity across 130+ chains. Dune powers analytics for enterprises, developers, investors, and researchers across the blockchain ecosystem. For more information, visit dune.com.
Disclaimer: Unless otherwise indicated, all figures and statistics used throughout this release are from the research report described above.
