Stablecoins abroad remain dominant, but growth in the United States has accelerated over the past year, with U.S.-based stablecoins like USDC and PYUSD having doubled in supply, growing +104% to $67.5 billion. Meanwhile, non-U.S. stablecoins, led by USDT, USDE, DAI, and USDS, showed more moderate growth at +41%, yet they still represent the majority of the global stablecoin market. The increasing supply of stablecoins in the U.S. reflects an improvement in institutional appetite, supported by clearer regulations and renewed confidence in U.S. issuers.
