Non-Dollar Stablecoins Outpace USD Counterparts in Emerging Markets

Non-USD stablecoins are gaining significant traction across 23 markets, with weekly transactions exceeding 20,000 and peaking above 60,000 in early 2025. Latin America dominates this growth, accounting for 55% of the market, while Southeast Asia and Africa lag behind. The Polygon blockchain supports 70% of this activity, maintaining over 4,000 active addresses weekly throughout 2024.

Singapore Dollar (SGD) and Brazilian Real (BRL) pegged stablecoins are driving this expansion. Brazil's favorable regulatory and economic conditions have positioned it as a leader in local currency digital assets. Meanwhile, adoption in Southeast Asia and Africa remains subdued, failing to match Latin America's momentum.

The resurgence follows a brief slowdown in March and April 2025, signaling renewed confidence in non-USD stablecoins. These alternatives offer practical advantages in developing markets, where local currency options are increasingly preferred over traditional dollar-based solutions.