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How Local Stablecoins Trade: From Exchange to Onchain

keyrock.com · 1,082 words · saved by 1 readers

This report examines local stablecoins by tracking their flows and trading across the four stages of their lifecycle, from centralised exchanges through to onchain pools. Co-published with Bitso, this report was first presented at Bitso’s 2026 stablecoin conference in Mexico, with insights from contributors across the stablecoin, traditional finance, and onchain landscape, including Dune, Ripple, Qivalis, Bridge, and Mirae Asset. Through 2023 the euro, Brazilian real, Japanese yen, and a long tail of other currencies barely registered onchain. 2026 shows a different market. Non-USD supply has grown from $44 million to $2.2 billion, centralised exchanges cleared roughly $525 billion of fiat-to-stablecoin spot in 2025 across 19 local currencies, up from 10 two years ago, and native onchain DEX trading crossed $1 billion again in March 2026. Onchain activity alone does not show the full picture. Centralised exchanges are the primary FX venues for stablecoins today, and the story of local

Keyrock x Bitso Business How Local Stablecoins Trade: From Exchange to Onchain Written by Amir Hajian Read the full report Preface Introduction The Four Stages of Local Stablecoin Trading The Ramp The Cross-Peg The Bridge Onchain FX Conclusion Read the full report Download Preface Stablecoins have meant dollar stablecoins, and still mostly do. But the local ones have grown up. This report examines local stablecoins by tracking their flows and trading across the four stages of their lifecycle, from centralised exchanges through to onchain pools. Co-published with Bitso , this report was first p

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