PANews reported on May 20th, citing CoinDesk, that while the supply of non-USD stablecoins increased from $261 million in May 2021 to approximately $771 million in April 2026, their market share decreased from 0.26% to 0.24%, with USD stablecoins still holding a 99.76% market share. While the dominance of the US dollar is slowly weakening in traditional finance, the situation is quite the opposite on-chain. USD stablecoins are not only backed by the world's dominant currencies but are also increasingly supported by the world's deepest pool of short-term government debt.

Furthermore, the tokenized US Treasury market is worth $15.4 billion, while the non-US tokenized government bond market is only $1.4 billion, a difference of approximately 11 times. Dollar stablecoin issuers have access to a deep, highly liquid, yield-generating collateral base, while non-dollar issuers lack equivalent reserve infrastructure. John Turner, Global Head of Stablecoins at Coinbase, stated that this dominance became self-reinforcing early on: liquidity drives trading volume, trading volume creates application scenarios, and application scenarios generate even more liquidity; non-dollar issuers have never been able to initiate this flywheel effect.