Dollar stablecoin holds 99% as Qivalis push falls short

Dollar stablecoin supply has held at 99% of the global market as non-dollar tokens stall at 0.24% share.

The European Central Bank noted in late 2025 that dollar stablecoin tokens account for approximately 99% of total stablecoin supply in circulation. Non-dollar supply has grown sharply over five years but its market share has edged down, not up.

The combined supply of euro, Canadian dollar, yen, Singapore dollar and other non-USD stablecoins reached $771 million in April 2026, up from $261 million in May 2021, yet their share of the total market sits at just 0.24%.

The gap reflects a structural problem, not a regulatory one. Dollar stablecoin issuers can plug into US Treasury markets as a reserve base, with tokenized US government debt standing at roughly $15.4 billion on-chain. Tokenized non-US government bonds total just $1.4 billion.

That yield and liquidity advantage allows dollar issuers to fund distribution and partnerships that non-dollar rivals cannot afford to match.

Why the European push is not closing the gap

“This infrastructure is essential if Europe is to compete in the global digital economy whilst preserving its strategic autonomy,” said Howard Davies, chairman of Qivalis’ supervisory board.

Qivalis, a pan-European banking consortium, expanded to 37 banks across 15 countries in May 2026, more than tripling its membership. Its euro stablecoin is not expected to launch until the second half of 2026.

A separate group of twelve European banks selected Fireblocks for a competing MiCA-compliant euro stablecoin earlier this year. Nine banks including UniCredit and ING are also targeting a second-half 2026 debut. Multiple regulated euro stablecoin projects are in motion, but none has yet reached meaningful scale or liquidity.

What it would take to shift the balance

The primary obstacle is not regulation. Most fiat currencies lack international liquidity in the first place, meaning only a handful can realistically support a global stablecoin.

The dollar, euro, yen, sterling and Swiss franc are among the few with deep enough foreign exchange markets to support cross-border crypto use.

S&P Global Ratings has projected that the euro stablecoin market could grow from roughly $895 million today to as much as 1.1 trillion euros by 2030. Reaching that figure would require a combination of institutional adoption, regulatory clarity, and the kind of deep liquidity infrastructure that took dollar stablecoins years to build.