Emerging Market Stablecoins
Non-USD stablecoin landscape: supply, activity, chain distribution, and onchain FX trading.
Data powered by Allium · Updated daily
Market Overview
How the non-USD stablecoin market is distributed
Non-USD Supply
$2.3B
Total circulating
Currencies
25
Fiat denominations
Products
59
Stablecoin tokens
Chains
14
With non-USD stables
Circulating Supply by Currency (non-USD)
Regional Breakdown
| Region | Products | 30d Growth | Top Issuers |
|---|---|---|---|
| Other | 7 | -2.1% | A7A5, AUDC Pty Ltd (Novatti Group), OJSC Virtual Asset Issuer (KGST) |
| Europe | 22 | +3.1% | Circle Internet Financial, Société Générale–FORGE, Monerium ehf |
| East Asia | 9 | +236.7% | SBI Shinsei Trust Bank, JPYC Inc., GMO-Z.com Trust Company (GYEN) |
| LATAM | 12 | -33.6% | Transfero, BRLA Digital, Ripio |
| ASEAN | 4 | -30.1% | StraitsX, BLOX, PT IDRX Indo Inovasi |
| Middle East | 1 | +13.8% | BiLira |
| Africa | 4 | -0.7% | Virtune (ZARP), Coinazer (cNGN), Mento Labs |
Non-USD Stablecoin Directory
Searchable catalog of all non-USD stablecoins
| Symbol | Name | Currency | Region | Issuer | Supply | 30d | Chains |
|---|---|---|---|---|---|---|---|
| A7A5 | A7A5 | RUB | Other | A7A5 | $1.0B | -2.3% | 2 |
| EURC | Euro Coin | EUR | Europe | Circle Internet Financial | $517.7M | +3.3% | 8 |
| EURCV | EUR CoinVertible | EUR | Europe | Société Générale–FORGE | $137.4M | +6.6% | 5 |
| JPYSC | JPYSC | JPY | East Asia | SBI Shinsei Trust Bank | $127.2M | — | 1 |
| BRZ | Brazilian Digital Token | BRL | LATAM | Transfero | $91.5M | +2.3% | 18 |
| ZCHF | Frankencoin | CHF | Europe | Frankencoin Association | $42.1M | -0.3% | 8 |
| EURI | Eurite | EUR | Europe | Eurite | $38.1M | -1.5% | 2 |
| tGBP | Tokenised GBP | GBP | Europe | BCP Technologies Ltd. | $34.0M | +10.8% | 6 |
| JPYC | JPY Coin | JPY | East Asia | JPYC Inc. | $33.5M | +24.1% | 4 |
| EURE | Monerium EURe (EUR e-money) | EUR | Europe | Monerium ehf | $32.1M | +7.4% | 8 |
| BRLA | BRLA Digital | BRL | LATAM | BRLA Digital | $28.0M | +9.7% | 3 |
| EURE | Monerium EURe (legacy V1) | EUR | Europe | Monerium ehf | $27.4M | -3.5% | 3 |
| JPYC | JPY Coin v2 | JPY | East Asia | JPYC Inc. | $20.5M | +11.0% | 6 |
| XSGD | XSGD | SGD | ASEAN | StraitsX | $15.3M | -10.7% | 9 |
| JPYC | JPY Coin v1 | JPY | East Asia | JPYC Inc. | $9.9M | +3.3% | 3 |
1 / 4(59 rows)
Fastest Growing (30-day supply growth)
Chain & Issuer Intelligence
Where emerging stablecoins are deployed and who builds them
Chain Distribution
| Chain | Products | Total Supply | Top Currency | Top 3 Tokens |
|---|---|---|---|---|
| ethereum | 102 | $3.8B | USD | USDG ($453.6M), EURC ($334M), TUSD ($313.2M) |
| tron | 8 | $1.3B | RUB | A7A5 ($1026.7M), TUSD ($169.3M), U ($55M) |
| bsc | 37 | $1.0B | USD | USDF ($114M), USDD ($113.9M), USDF ($112.1M) |
| polygon | 41 | $790.4M | USD | pUSD ($491M), MAI ($213.6M), JPYC ($23.7M) |
| avalanche | 26 | $778.7M | USD | USDC ($396.7M), USDT ($294M), BRZ ($19.5M) |
| solana | 32 | $769.1M | USD | SOFID ($209.8M), EURC ($120.9M), CASH ($118.6M) |
| celo | 17 | $526.2M | USD | USDT ($469.5M), BRLA ($24.1M), USDC ($14.7M) |
| hedera | 1 | $449.9M | USD | USDC ($449.9M) |
| monad | 3 | $382.4M | USD | USDC ($245.1M), AUSD ($128.9M), mUSD ($8.4M) |
| sui | 4 | $356.8M | USD | USDC ($269M), USDSUI ($72.8M), suiUSDe ($13.1M) |
| arbitrum | 25 | $275.0M | USD | USDAI ($176.3M), PYUSD ($61.7M), MAI ($12.1M) |
| aptos | 2 | $271.0M | USD | USDC ($240.5M), usDCBL ($30.4M) |
| base | 54 | $250.2M | USD | cgUSD ($75.9M), EURC ($57.4M), satUSD ($32.5M) |
| optimism | 11 | $176.2M | USD | USDC ($152.9M), MAI ($19.3M), alUSD ($1.6M) |
| near | 2 | $173.6M | USD | USDC ($111.6M), USDT ($62M) |
| starknet | 1 | $151.5M | USD | USDC ($151.5M) |
| sonic | 8 | $134.6M | USD | USDC ($132.4M), USSD ($2.1M), msUSD ($0.1M) |
| ink | 2 | $73.8M | USD | USDG ($42.5M), USDC ($31.3M) |
| tempo | 3 | $53.2M | USD | RD ($28.1M), pathUSD ($25.1M), OUSD ($0M) |
| codex | 1 | $51.0M | USD | USDC ($51M) |
1 / 3(42 rows)
Chain x Currency Matrix
Blank cells = deployment gap / opportunity
| Chain | EUR | BRL | JPY | GBP | CHF | SGD | AUD | IDR | TRY_ | MXN | NGN | ZAR | ARS | RUB |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| tron | — | — | — | — | — | — | — | — | — | — | — | — | — | $1.0B |
| ethereum | $534.5M | $3.4M | $142.0M | $26.4M | $37.4M | $7.9M | $9.3M | — | $6.0M | $93.0K | $99 | $2.5M | $4.9M | $2.2M |
| solana | $122.2M | $39.2M | $51 | $97.2K | $1.4M | — | $1.9K | $25.2K | $170.1K | — | $180 | $388.7K | — | — |
| polygon | $8.3M | $16.3M | $51.4M | $85.2K | $3.4K | $1.5M | $566.9K | $364.7K | $356.4K | $53.8K | $9 | $608.3K | $26.4K | — |
| base | $57.6M | $231.7K | $6.1K | $7.4M | $3.6M | $4.6M | $2.1M | $293.9K | $171.4K | $5.1K | $719 | $954.9K | $464.9K | — |
| gnosis | $44.5M | $478.2K | $122.3K | — | $1.9M | — | — | $1.9K | — | $4.1K | — | — | $5.9K | — |
| avalanche | $5.9M | $19.6M | $3.6M | $22 | $672.4K | $1.3M | — | — | $683.3K | $294.7K | — | — | — | — |
| bsc | $3.4M | $19.6M | — | $53.8K | — | — | — | $196.0K | $199.5K | $5.2K | $212.0K | — | $56.6K | — |
| celo | $1.8M | $24.3M | — | $417.6K | $16.7K | — | $38.3K | — | — | — | — | — | — | — |
| xrp_ledger | $11.5M | — | — | — | — | — | $223.8K | — | — | — | — | — | — | — |
| arbitrum | $4.3M | — | $11.0K | — | $19.5K | $16.1K | — | — | — | $1.4M | — | — | — | — |
| plasma | $287.7K | — | — | — | — | — | — | — | $1.9M | — | — | — | — | — |
| worldchain | $474.7K | $84.7K | — | — | — | — | — | $38 | $227.2K | $32.3K | — | — | $233.6K | — |
| linea | $487.2K | — | — | — | — | — | — | — | — | — | — | — | — | — |
| rootstock | — | $195.5K | — | — | — | — | — | — | — | — | — | — | — | — |
| fantom | $87.6K | — | — | — | — | — | — | — | — | — | — | — | — | — |
| optimism | — | — | $40.9K | — | $11.6K | — | — | — | — | — | — | — | — | — |
| fraxtal | — | — | — | — | $457 | — | — | — | — | — | — | — | — | — |
| sonic | — | — | — | — | $2 | — | — | — | — | — | — | — | — | — |
Issuer Landscape
| Issuer | Currencies | # Curr | Products | Supply | Peg | Deploys |
|---|---|---|---|---|---|---|
| A7A5 | RUB | 1 | 1 | $1.0B | fiat_backed | 2 |
| Circle Internet Financial | EUR | 1 | 1 | $517.7M | fiat_backed | 8 |
| Société Générale–FORGE | EUR | 1 | 1 | $137.4M | fiat_backed | 5 |
| SBI Shinsei Trust Bank | JPY | 1 | 1 | $127.2M | fiat_backed | 1 |
| Transfero | BRL | 1 | 1 | $91.5M | fiat_backed | 18 |
| JPYC Inc. | JPY | 1 | 3 | $64.0M | fiat_backed | 13 |
| Monerium ehf | EUR | 1 | 2 | $59.4M | fiat_backed | 11 |
| Frankencoin Association | CHF | 1 | 1 | $42.1M | crypto_backed | 8 |
| Eurite | EUR | 1 | 1 | $38.1M | fiat_backed | 2 |
| BCP Technologies Ltd. | GBP | 1 | 1 | $34.0M | fiat_backed | 6 |
| BRLA Digital | BRL | 1 | 1 | $28.0M | fiat_backed | 3 |
| StraitsX | IDR, SGD | 2 | 2 | $15.3M | fiat_backed | 12 |
| BiLira | TRY | 1 | 1 | $9.7M | fiat_backed | 9 |
| StablR | EUR | 1 | 1 | $9.1M | fiat_backed | 1 |
| Schuman Financial | EUR | 1 | 1 | $8.4M | fiat_backed | 5 |
1 / 3(42 rows)
Usage & Activity
Transfer velocity, micro-payments, and X402-ready stablecoins
Transfer Activity & Velocity (30d)
| Symbol | Name | Currency | Transfers | Volume | Avg Size | Velocity |
|---|---|---|---|---|---|---|
| GALLEON | Galleon | USD | 4 | $4.0K | $1000 | 553.3 |
| PHPm | Mento Philippine Peso | PHP | 1,812 | $8.8M | $4.9K | 337.34 |
| AUDm | Mento Australian Dollar | AUD | 1,403 | $5.6M | $4.0K | 147.35 |
| AUDF | Forte AUD | AUD | 6,294 | $472.1M | $75.0K | 137.22 |
| MXNB | MXNB | MXN | 4,655 | $157.6M | $33.9K | 84.47 |
| rUSD | Reservoir rUSD | USD | 106,376 | $28.7M | $270 | 54.6 |
| msUSD | Metronome Synth USD | USD | 150,323 | $1.4B | $9.1K | 49.25 |
| DKUSD | Dakota USD | USD | 398 | $98.7M | $247.9K | 45.74 |
| AUDM | Macropod | AUD | 3,290 | $77.1M | $23.4K | 38.7 |
| BRLA | BRLA Digital | BRL | 122,920 | $840.7M | $6.8K | 30.01 |
| BRL1 | BRL1 Stablecoin | BRL | 6,625 | $71.6M | $10.8K | 28.7 |
| EURm | Mento Euro (formerly cEUR) | EUR | 40,317 | $46.7M | $1.2K | 26.86 |
| mUSD | MetaMask USD | USD | 252,783 | $712.3M | $2.8K | 26.02 |
| pUSD | Polymarket USD | USD | 245,366,108 | $12.2B | $50 | 24.92 |
| CADC | CAD Coin | CAD | 25,183 | $39.5M | $1.6K | 22.57 |
1 / 15(224 rows)
Agent Payment Candidates
| Symbol | Currency | Issuer | % Micro | Micro Txns | Chains | Avg Micro $ |
|---|---|---|---|---|---|---|
| PHT | USD | PHT Community | +100.0% | 8 | 3 | $0 |
| FND | USD | Bridge (Stripe) | +100.0% | 7 | 1 | $17 |
| HUSD | USD | Stable Universal / HUSD | +100.0% | 3 | 2 | $2 |
| USR | USD | Resolv Labs | +100.0% | 2 | 1 | $0 |
| AxCNH | CNY | AxConnection | +100.0% | 1 | 2 | $0 |
| PYREUSD | USD | Bridge (Stripe) | +99.8% | 5,476 | 1 | $10 |
| mUSD | USD | Meta USD | +99.2% | 2,254 | 1 | $4 |
| BUCK | USD | Bucket Protocol | +98.6% | 199,140 | 1 | $14 |
| satUSD | USD | River | +96.9% | 9,010 | 11 | $6 |
| GHSm | GHS | Mento Labs | +96.3% | 16,396 | 1 | $11 |
| KRWQ | KRW | KRWQ | +95.9% | 2,496 | 2 | $34 |
| YUSD | USD | Yield Yak | +95.3% | 541 | 1 | $1 |
| EURR | EUR | Bridge (Stripe) | +95.1% | 39 | 2 | $6 |
| AFRi | USD | Bridge (Stripe) | +95.0% | 94 | 1 | $4 |
| USH | USD | Hyperstable | +94.4% | 5,466 | 1 | $7 |
1 / 13(185 rows)
X402-Ready Stablecoins (Base + Ethereum)
| Symbol | Currency | Issuer | Chain | Supply | Transfers | Volume |
|---|---|---|---|---|---|---|
| USDG | USD | Paxos Digital Singapore Pte. Ltd. | ethereum | $453.6M | 320,674 | $5.1B |
| EURC | EUR | Circle Internet Financial | ethereum | $334.0M | 77,663 | $2.2B |
| TUSD | USD | TrueCoin LLC | ethereum | $313.2M | 2,188 | $2.4M |
| FDUSD | USD | First Digital Labs | ethereum | $241.5M | 1,090 | $62.2M |
| USDtb | USD | Ethena Labs | ethereum | $193.3M | 8,297 | $1.8B |
| USAT | USD | Anchorage Digital Bank N. A. | ethereum | $185.3M | 38,698 | $21.7M |
| JPYSC | JPY | SBI Shinsei Trust Bank | ethereum | $127.2M | 6 | $84.8M |
| EURCV | EUR | Société Générale–FORGE | ethereum | $124.6M | 36,989 | $307.4M |
| apxUSD | USD | Apyx | ethereum | $118.6M | 32,208 | $621.2M |
| U | USD | United Stables Limited | ethereum | $113.1M | 279 | $264.9M |
| USDat | USD | Saturn Credit | ethereum | $107.0M | 6,241 | $344.8M |
| USDR | USD | Ring Labs | ethereum | $100.4M | 1,052 | $364.2K |
| SOFID | USD | SoFi Bank N.A. | ethereum | $99.9M | 11 | $563 |
| DOLA | USD | Inverse Finance | ethereum | $98.1M | 17,568 | $59.3M |
| frxUSD | USD | Frax Finance | ethereum | $89.6M | 36,918 | $578.0M |
1 / 11(156 rows)
Onchain FX Trading
Stablecoin-to-stablecoin DEX swaps across currencies
FX Volume (7d)
$154.2M
DEX-verified swaps
Active FX Pairs
28
FX Traders (7d)
1,794
Unique addresses
DEX Venues
15
FX Pair Volume (7d)
USD pairCross-emerging pair
FX Venue Breakdown
| Pair | Chain | DEX | Protocol | Trades | Traders | Volume | Avg Size |
|---|---|---|---|---|---|---|---|
| USD/EUR | base | aerodrome | uniswap_v3 | 25,099 | 122 | $45.6M | $1.8K |
| EUR/USD | base | aerodrome | uniswap_v3 | 25,173 | 135 | $44.4M | $1.8K |
| USD/EUR | base | tessera | tessera_prop_amm | 1,897 | 241 | $15.4M | $8.1K |
| EUR/USD | base | tessera | tessera_prop_amm | 2,283 | 354 | $13.7M | $6.0K |
| USD/EUR | ethereum | uniswap | uniswap_v3 | 1,478 | 59 | $7.5M | $5.1K |
| EUR/USD | ethereum | uniswap | uniswap_v3 | 1,817 | 88 | $6.2M | $3.4K |
| USD/EUR | ethereum | uniswap | uniswap_v4 | 1,512 | 51 | $6.2M | $4.1K |
| EUR/USD | ethereum | uniswap | uniswap_v4 | 1,500 | 58 | $5.1M | $3.4K |
| USD/JPY | polygon | uniswap | uniswap_v4 | 676 | 28 | $1.1M | $1.6K |
| JPY/USD | polygon | uniswap | uniswap_v4 | 1,093 | 28 | $873.6K | $799 |
| USD/SGD | base | aerodrome | uniswap_v3 | 2,082 | 49 | $486.2K | $234 |
| SGD/USD | base | aerodrome | uniswap_v3 | 2,093 | 48 | $467.3K | $223 |
| USD/EUR | base | pancakeswap | pancakeswap_v3 | 2,083 | 64 | $425.4K | $204 |
| USD/SGD | polygon | uniswap | uniswap_v3 | 175 | 27 | $407.0K | $2.3K |
| SGD/USD | polygon | uniswap | uniswap_v3 | 346 | 32 | $392.0K | $1.1K |
1 / 4(50 rows)
Wallet FX Demand Signal
Wallets transacting in 2+ currency stablecoins within the same day — signals latent FX demand
| Pair | Wallets | Events | Est. Volume | Chains |
|---|---|---|---|---|
| EUR/USD | 4,951 | 22,346 | $5.6B | arbitrum, celo, polygon, avalanche, linea, ethereum, worldchain, base, solana, bsc |
| BRL/USD | 627 | 3,549 | $3.4B | base, worldchain, polygon, bsc, celo, solana, ethereum |
| JPY/USD | 763 | 5,336 | $799.0M | celo, polygon, optimism, avalanche, ethereum, base |
| CHF/USD | 282 | 2,442 | $251.4M | polygon, solana, ethereum, base, celo, arbitrum, optimism |
| BRL/EUR | 124 | 899 | $237.5M | solana, base, worldchain, ethereum, celo, polygon, bsc |
| MXN/USD | 42 | 579 | $198.1M | arbitrum, base, bsc, worldchain, polygon, avalanche |
| AUD/USD | 124 | 1,119 | $183.5M | polygon, celo, ethereum, base |
| SGD/USD | 399 | 3,623 | $106.5M | polygon, ethereum, base, solana, arbitrum, avalanche |
| BRL/JPY | 57 | 333 | $88.4M | polygon, base, celo, bsc, ethereum |
| EUR/JPY | 132 | 1,347 | $70.0M | avalanche, base, linea, polygon, ethereum, arbitrum, celo, worldchain, bsc |
| AUD/EUR | 59 | 408 | $34.8M | base, polygon, celo, ethereum |
| EUR/SGD | 170 | 1,286 | $24.0M | polygon, ethereum, linea, bsc, solana, worldchain, base, avalanche, arbitrum, celo |
| ARS/USD | 133 | 655 | $22.2M | bsc, worldchain, ethereum, polygon, base |
| AUD/BRL | 22 | 103 | $21.1M | polygon, celo, ethereum, base |
| GBP/USD | 139 | 1,511 | $20.9M | ethereum, celo, solana, polygon, bsc, base |
1 / 4(50 rows)