Bitcoin could fall another 30%
Over the past three years, the total volume of transfers in non-dollar stablecoins has grown by about 1,600%, according to a joint report by Visa and analytics platform Dune. Since January 2023, it has increased from $600 million to $10 billion this past February, RBC writes.
Stablecoin volume, which is not pegged to the U.S. dollar, reached $1.1 billion in February, three times more than at the beginning of 2023. Since then, the number of unique addresses-senders of such tokens has grown from 6 thousand to 135 thousand. At the same time, the number of addresses where such assets are stored has exceeded 1.2 million.
The analytical report titled “Beyond Dollarization” (Beyond Dollarization) speaks about the changing model of using stablecoins. Where USDT and USDC are more often used to generate yield, localized stablecoins serve as “transaction money.”
“Unlike USDT steblecoins, which are often used in decentralized finance to generate returns, local currency steblecoins are mostly held in users’ wallets, centralized exchanges and institutional treasuries. This distribution reflects their role as transaction money for cross-border payments, remittances, business-to-business settlements and currency risk management,” the study said.
Experts named euro assets such as Circle’s EURC as the leaders among non-dollar stablecoins. Eurotokens account for more than 80% of market capitalization and about 85% of the volume of transfers in this segment. The Brazilian real (BRL) has a share of about 10%. Analysts also note a significant growth of stablecoins pegged to the Singapore dollar and Japanese yen.
“Latin American currencies (Colombian peso, Mexican peso), as well as the South African rand, Canadian dollar, Australian dollar and Swiss franc, show significant growth, but remain concentrated: in most cases, the number of senders per month does not exceed 1 thousand,” the report says.
The total capitalization of the stablecoin market currently exceeds $320 billion, of which the majority is in dollar assets. USDT, with a capitalization of $184 billion, accounts for about 57% of the total market.
In early March, the ruble-denominated A7A5 steiblcoin became one of the top three in terms of the volume of transfers on the Tron network. According to DeFiLlama data as of March 25, the token’s capitalization is $484 million, and it is among the top 20 largest steiblcoins.
Note: A7A5 is the first steiblcoin whose rate is pegged to the Russian ruble. It was officially launched in February 2025 in Kyrgyzstan, one of the few countries that did not support anti-Russian sanctions. The token was developed by A7, a company owned by Moldovan oligarch Ilan Shor and Russia’s Promsvyazbank.
