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🇺🇸 Offshore stablecoins still dominate, but U.S. growth is accelerating

Over the past year, U.S.-based stablecoins like USDC and PYUSD have more than doubled in supply, growing +104% to $67.5B.

Meanwhile, non-U.S. stablecoins, led by USDT, USDE, DAI, and USDS, showed more moderate growth at +41%, but still account for the majority of the global stablecoin market.

Growing supply of U.S. stablecoins reflects improving institutional appetite, supported by clearer regulation and renewed confidence in American issuers.