In the landscape of non-USD stablecoins, the most practical representative is the euro stablecoin.

Currently, the more mainstream products in the market include EURC launched by Circle and Stasis's EURS. Both are pegged 1:1 to the euro and are backed by reserves held by regulated financial institutions. The target audience for these stablecoins is not global crypto traders but local European users.

For example, if a German investor uses USDT as a trading medium, every conversion from fiat to a USD stablecoin would expose them to EUR/USD exchange rate risk. By directly using a euro stablecoin, they can complete transactions and settlements on-chain, entirely avoiding exchange rate losses.

With the gradual implementation of regulatory frameworks such as the EU's MiCA, the compliance and application scenarios of euro stablecoins are becoming clearer. This means that in the future, euro stablecoins are expected to become the local mainstream currency representation for European crypto finance. Although their current market capitalization is still far smaller than that of USD stablecoins, their growth trajectory is clearly driven by policy benefits, indicating long-term penetration potential.

Unlike the logic of euro stablecoins, which focus on local settlement convenience, another representative type of non-USD stablecoin is the gold stablecoin.

Gold has been the "anchor of value" in the global financial system since ancient times. Even though the USD decoupled from the gold standard over half a century ago, central banks worldwide still regard gold as a core foreign exchange reserve. In the crypto space, this traditional safe-haven asset has been tokenized and brought on-chain, with typical examples being PAX Gold (PAXG) and Tether Gold (XAU₮).

Their mechanisms are relatively straightforward: each token corresponds to one ounce of physical gold, stored by custodians (such as vaults in London or Switzerland). Users can freely transfer these tokens between wallets like USDT, use them as collateral in DeFi protocols for lending or yield farming, or redeem them for physical gold. This way, the traditional safe-haven attributes of gold are combined with the high liquidity of blockchain.

Compared to physical gold bars or gold ETFs, the biggest innovation of gold stablecoins lies in their "divisibility and liquidity." Traditional gold is often measured in grams or ounces, making small denominations difficult. While gold ETFs are convenient for trading, they rely on financial market清算. Gold stablecoins break these limitations—they represent real hard assets while enabling fast on-chain transfers and divisions in token form, significantly lowering the barrier to entry.

Of course, they are not without flaws. The price of gold itself fluctuates due to global economic conditions, interest rate environments, and geopolitical risks. Thus, gold stablecoins do not offer the near-absolute price stability of USD stablecoins. However, for those seeking diversified value storage on-chain, they provide an allocation option closer to hard assets.

Overall, euro stablecoins and gold stablecoins represent two distinct logics for non-USD stablecoins: the former emphasizes local convenience and compliant development of regional currencies, while the latter focuses on the digitization and enhanced liquidity of traditional safe-haven assets. Together, they are shifting the narrative of stablecoins from a singular "USD hegemony" to a diversified global monetary ecosystem.