Dune Analytics and Visa published research titled "Beyond Dollarization" on March 25 revealing significant growth in non-USD stablecoin adoption. Non-USD stablecoin supply grew 3x, while holder addresses increased from 40,000 to 1.2 million (a 30x jump) and monthly transfer volume expanded from $600 million to $10 billion.
The research found that approximately 80% of non-USD stablecoin activity is driven by payments and treasury flows rather than DeFi activity. Transfer patterns show weekend drops that mirror payroll cycles, indicating use of local currency stablecoins as functional money rather than speculative assets.
Sources: Dune Analytics | The Block
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