From a macro perspective, the rise of non-USD stablecoins is unlikely to undermine the dominance of USD-denominated stablecoins in the short term. After all, the U.S. dollar’s role is deeply entrenched, whether as the global settlement currency for crypto transactions or as the liquidity backbone for cross-border clearing.
However, this does not mean non-USD stablecoins are without merit. Instead, they serve as a supplement and expansion of the existing landscape, exploring new options for multi-currency anchoring beyond the dollar-dominated financial order.
Take euro-backed stablecoins, for example. Their value lies in reducing exchange rate friction for European users. Coupled with the implementation of regulatory frameworks like MiCA, they have the potential to become a regional cornerstone of digital finance. Meanwhile, gold-backed stablecoins merge traditional safe-haven assets with blockchain liquidity, offering investors a new tool that combines value preservation with flexibility.
In addition, the recently discussed yuan-backed stablecoin is gradually entering the crypto discourse. Although it has not yet achieved large-scale circulation, it possesses dual drivers—policy support and practical demand—in cross-border and regional trade settlements. Once integrated with compliant on-chain financial infrastructure, the yuan-backed stablecoin could well become a key player in the "de-dollarization" debate.
Nevertheless, non-USD stablecoins face limitations:
First, liquidity constraints. Compared to the hundreds of billions in market capitalization of USDT and USDC, non-USD stablecoins generally have limited market value, resulting in insufficient depth and acceptance in secondary markets.
Second, narrow use cases. Euro stablecoins are largely confined to Europe, gold stablecoins are primarily geared toward value storage, and yuan stablecoins are constrained by policy windows and compliance requirements. This makes it difficult for them to achieve the universal applicability of USD stablecoins.
Yet from a long-term perspective, the narrative of stablecoins is gradually shifting toward "multipolarization." USD stablecoins will remain the backbone of crypto finance, while euro, yuan, gold, and other asset-backed alternatives will fulfill market needs in their respective dimensions.
They may not replace the U.S. dollar, but they are continuously expanding the boundaries of stablecoins and reshaping the structure and layers of the entire ecosystem. The future of stablecoins may not be about one currency prevailing but rather about multiple anchored assets coexisting and complementing one another.
USD stablecoins are the starting point—but certainly not the end point.
