Non-dollar stablecoins have seen significant growth over the past five years, with their combined supply rising to $771 million in April 2026 from $261 million in May 2021. However, their market share has decreased slightly to 0.24%, leaving dollar-pegged stablecoins dominating with 99.76% of the market, according to Artemis data. The dominance of dollar stablecoins is reinforced by their backing with U.S. Treasury debt, which offers a deep and liquid collateral base. Tokenized U.S. Treasury debt stands at $15.4 billion, vastly outpacing the $1.4 billion in tokenized non-U.S. government debt. This advantage allows dollar stablecoin issuers to leverage higher yields and liquidity, creating a self-reinforcing cycle of volume and use cases that non-dollar stablecoins struggle to replicate.