According to The Block, payment giant Visa, in collaboration with Dune, released a report indicating that non-U.S. dollar stablecoins are increasingly being used as actual "local currencies," with significant growth in their adoption for payments and settlement use cases. Unlike U.S. dollar stablecoins, which are primarily used for DeFi yield strategies, non-U.S. dollar stablecoins are predominantly utilized in real-world financial flows such as cross-border payments, remittances, B2B settlements, and foreign exchange management, with their assets primarily held in user wallets, centralized exchanges, and institutional treasuries. Data shows that as of February this year, the total supply of non-U.S. dollar stablecoins reached $1.1 billion, approximately triple the amount in January 2023. During the same period, transaction volume surged from $600 million to $10 billion—an increase of over 1,600%. More than 1.2 million addresses now hold these stablecoins, with active sending addresses rising from around 6,000 to 135,000.
Visa Report: Non-Dollar Stablecoins Experience Rapid Adoption, Shift from DeFi to Local Currency Use
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Summary
Visa and Dune’s latest weekly market report shows that non-dollar stablecoins are growing rapidly, reaching a total supply of $1.1 billion by February 2026. These coins are expanding beyond DeFi into real-world use cases such as cross-border payments and B2B settlements. Transaction volumes have surged from $600 million to $10 billion since early 2023. Over 1.2 million addresses now hold these stablecoins, with daily active senders rising to 135,000. The daily market report highlights a clear shift toward adoption of local currencies.
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