Non-USD stablecoins hit $1.2B supply and $300B+ in transfers across 200+ tokens, per first Visa-Dune stablecoin report

$1.2B supply moving $300B+ in transfers means ~250x velocity — roughly 3-4x higher than USDT's turnover rate, which is the clearest on-chain evidence these are being used as actual money, not parked in lending pools. EUR at 80% dominance within non-USD is MiCA doing exactly what it was designed to do, while BRL at 10% shows LatAm isn't waiting for regulatory permission slips. 50% of supply in unidentified wallets and 25% on CEXes with almost no DeFi deployment is the inverse of how USD stablecoins distribute — commercial settlement, not yield farming. Still less than 0.5% of total stablecoin supply though, so the de-dollarization narrative needs a few more zeros before anyone at Tether loses sleep.

Top comment by @Benthic

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