If someone asks you, "Have you ever used stablecoins?"

Chances are, USDT and USDC—stablecoins pegged to the U.S. dollar—immediately come to mind. These dollar-linked stablecoins have almost become synonymous with the term "stablecoin."

But what if the other person is referring to euro-backed stablecoins, gold-backed stablecoins, or even the recently rumored renminbi stablecoins? This reveals the true picture of the current stablecoin market: while the U.S. dollar dominates, the world of stablecoins is far more diverse than one might imagine.

These alternatives are not attempting to challenge the dollar's dominance but are instead serving differentiated needs. Some may prefer euro stablecoins to avoid exchange rate fluctuations, others may favor gold stablecoins as a safe-haven asset, and some may look forward to renminbi stablecoins becoming a bridge for cross-border payments.

In other words, stablecoins are evolving from a single dollar-centric narrative to a more complex, globally diverse narrative.

If stablecoins are the "blood" of the crypto world, then dollar stablecoins are the most critical blood type in this system. Over the past five years, USDT and USDC have consistently ranked first and second in the market, almost monopolizing trading, settlement, and payment processes.

According to CoinGecko data, their combined market capitalization accounts for over 90% of the total stablecoin market, a dominance that even exceeds the U.S. dollar's actual share in global trade, making them indisputably hegemonic.

However, the demand for stablecoins extends far beyond "dollarization."

In Europe, daily payments, savings, and accounting systems are denominated in euros. Users holding dollar stablecoins often need to bear additional exchange rate risks. In Middle Eastern or Southeast Asian markets, while the U.S. dollar remains the dominant currency for international settlements, local residents also have a need to anchor their funds to their local currencies or other safe-haven assets. At a macro level, trends such as de-dollarization, regional currency alliances, and the financialization of energy and resources have further amplified the exploration of "non-dollar pegged" stablecoins.

In other words, the discussion around non-dollar stablecoins today is not because dollar stablecoins are flawed, but because the real world and the needs of crypto finance are becoming increasingly diverse. These differentiated demands form the market foundation for non-dollar stablecoins.

Based on the market practice that "stablecoins can no longer be概括ed by a unified narrative; their usage varies from person to person and need to need," imToken has categorized stablecoins into multiple explorable subsets.

According to imToken's classification method for stablecoins, current practices for non-dollar stablecoins (with actual issuance and circulation as the primary consideration) mainly include euro stablecoins and gold stablecoins.