Stablecoins continue to evolve from crypto settlement tools to pillars of the broader financial infrastructure. While global trade and capital flows are multi-currency, stablecoin markets remain highly concentrated. Today, USD stablecoins make up over 98% of the market, even though the US dollar only accounts for 50% of global cross-border payments.

There is significant whitespace – 48 percentage points – for non-USD stablecoins to grow.

This report covers:

• The diversification gap: why stablecoin markets remain more concentrated than global trade and payments

• Structural demand drivers: how infrastructure gaps, settlement frictions and regional dynamics may shape local-currency stablecoin demand

• Market rankings: a comparative framework showing where structural demand potential may be strongest