In seven years, the market share has shrunk again. What is the future for non-USD stablecoins?

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MarsBitNews
The supply of non-USD stablecoins has nearly doubled over five years, with market share continuously declining to 0.24%.
Non-USD stablecoins have seen significant growth in supply over the past five years, but their market share has only decreased from 0.26% to 0.24%, reaching approximately $771 million by April 2026; USD stablecoins still account for 99.76% of the market share. On-chain US Treasury supply has expanded, becoming the largest RWA asset, approximately $15.4 billion, 11 times more than other government bonds. Rising yields have made issuing USD stablecoins more profitable, creating a self-reinforcing flywheel of liquidity, trading volume, and use cases, which non-USD stablecoins find difficult to replicate.
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