Despite growing from $261 million in May 2021 to roughly $771 million in April 2026, non-dollar stablecoins have actually lost ground in relative terms — their market share slipped from 0.26% to 0.24%, leaving dollar-pegged tokens with 99.76% of the stablecoin market, according to Artemis data.
The structural reason is collateral. Tokenized U.S. Treasury debt stands at $15.4 billion on-chain — roughly 11 times the $1.4 billion in tokenized non-U.S. government bonds tracked by RWA.xyz. Dollar stablecoin issuers can plug into a deep, yield-bearing reserve base; non-dollar issuers cannot. Rising Treasury yields only deepen that moat, making dollar issuance more profitable and giving large players more capital to spend on liquidity and distribution.
Coinbase's global head of stablecoins, John Turner, described the dynamic at Consensus Hong Kong as a self-reinforcing flywheel: liquidity…
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