<div id="readability-page-1" class="page"><div><ul><li>Non-dollar stablecoins have grown in supply to about $771 million since 2021, but their share of the stablecoin market has edged down to just 0.24%.</li><li>Dollar-pegged stablecoins benefit from access to deep, liquid U.S. Treasury markets, with about $15.4 billion in tokenized U.S. government debt far outstripping non-U.S. tokenized government bonds.</li><li>Because most national currencies lack meaningful international liquidity, only a handful can plausibly support global stablecoins, leaving dollar-based tokens overwhelmingly dominant.</li></ul></div></div>

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<p>Non-dollar stablecoins have increased in supply to $771 million since 2021, yet their market share has decreased to 0.24%. Dollar-pegged stablecoins dominate due to access to U.S. Treasury markets, with $15.4 billion in tokenized U.S. government debt, while most national currencies lack the liquidity to support global stablecoins.</p>

- Non-dollar stablecoins have increased to approximately $771 million since 2021, yet their market share has declined to 0.24%.  
- Dollar-pegged stablecoins enjoy access to substantial U.S. Treasury markets, with around $15.4 billion in tokenized U.S. government debt significantly surpassing non-U.S. equivalents.  
- The limited international liquidity of most national currencies restricts their ability to support global stablecoins, reinforcing the dominance of dollar-based tokens.

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Non-dollar stablecoins are struggling to crack 0.5% of market share