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The volume of transactions in local stablecoins has increased sixteenfold., 2026/03/26 11:30:03
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The supply of local stablecoins pegged to currencies other than the US dollar has reached $1.1 billion, marking a 70% increase from January 2023 to February 2026. The total transaction volume during this timeframe surged by 1600%, rising from $600 million to $10 billion. This information is detailed in a joint report by the payment system Visa and the analytics platform Dune.
The number of unique sender addresses for non-dollar stablecoins has grown from 6,000 to 135,000. The overall count of addresses holding such assets has surpassed 1.2 million.
Euro stablecoins have emerged as the segment leader, particularly EURC from Circle, which accounts for over 80% of the market capitalization and approximately 85% of the transaction volume. By the end of 2025, the token supply exceeded $500 million. Around 10% of the market is occupied by the stablecoin pegged to the Brazilian real (BRL). Additionally, there has been an increase in interest towards assets backed by the Singapore dollar and the Japanese yen.
Ethereum leads the blockchain space with a 65% share, followed by Solana at 13%. Recently, Polygon and Gnosis have also seen increased usage, according to experts.
Analysts have noted a shift in the utilization model of stablecoins. Dollar-denominated assets like USDT and USDC are more frequently used in decentralized services for yield generation and transactions. Local stablecoins are increasingly being utilized as a means of payment, including for cross-border transactions and corporate operations. Their role as a store of value is also on the rise.
“Local stablecoins have become a part of the payment infrastructure and reduce reliance on dollar transactions in international operations,” the report states.
Key growth factors include regulatory support, integration into traditional payment systems, development of business infrastructure, and demand for alternative payment methods.
The European banking consortium Qivalis plans to launch another stablecoin pegged to the euro, with a listing expected in the second half of the year. The Spanish cryptocurrency exchange Bit2Me, which holds a license from the European regulator (MiCA), is being considered as one of the platforms for this launch.
