Dollar-pegged tokens still account for the overwhelming majority of stablecoin supply. The interesting number is at the margin: non-dollar issuance has grown faster in percentage terms for two consecutive quarters.
Most of that growth traces to a handful of licensed European issuers serving payment corridors rather than trading venues, according to on-chain supply data and issuer attestations.
Trading demand for non-dollar stablecoins remains thin. Order book depth on the largest venues is a fraction of the equivalent dollar pairs, which caps how far the trend can run without market maker commitment.
The medium-term question is whether payment usage eventually pulls trading liquidity along with it, or whether the two markets stay separate.
