The supply of non-USD stablecoins, including those pegged to the euro, Canadian dollar, yen, and Singapore dollar, has increased from approximately $261 million in 2021 to about $771 million by April 2026. Despite this growth, their market share has decreased from 0.26% to 0.24%, with USD stablecoins maintaining a dominant 99.76% share of the stablecoin market. The dominance of USD stablecoins is attributed not only to the strength of the US dollar but also to the deep liquidity of US short-term Treasury bills, which serve as a reserve asset. Currently, the on-chain tokenized US Treasury market is valued at approximately $15.4 billion, while tokenized non-US government bonds are valued at only about $1.4 billion.