When a dollar earns more than a euro, a yen or a pound, where does the money go?
Government bond yields outside the US set the alternative that dollar assets are measured against, and this page plots them beside stablecoin supply on one time axis. As of May 2026 the 10-year yields were 4.39% in the US, 3.05% in Germany, 4.94% in the UK and 2.65% in Japan, against total supply of $302.8B.
As of May 2026: EURIBOR 3M 2.03%, Germany 10Y 3.05%, Japan 10Y 2.65%, UK Gilt 10Y 4.94%, against the US 10Y 4.39%. All five carry the same date: the international series are monthly, so the US figure shown is its value on that date rather than its latest. The US yield premium over global peers and stablecoin demand are shown here side by side over the same period, not as cause and effect.
Each figure below is read from the series drawn above, over the window the heading names. The first three periods are closed; the last is still running, so its endpoints move with the data.
Japan’s 10-year yield ranged between -0.15% and +0.41% across this period while the US 10-year reached 4.25%. Japanese investors faced a near-zero domestic yield against a rapidly rising dollar yield, a structural incentive to hold USD stablecoins or dollar assets.
The ECB hiked aggressively from −0.5% to +4%, and EURIBOR followed from -0.56% to +3.93%. The gap to the US 10-year closed from -2.19pp to +0.05pp. As European rates rose, the relative yield advantage of USD stablecoins narrowed for European holders, a partial headwind to stablecoin demand from the Eurozone.
The ECB began cutting ahead of the Fed. The EURIBOR to US 10-year spread has widened from -0.69pp at Jun 2024 to -2.36pp at May 2026, and stablecoin supply grew from $160.7B to $317.5B over the same window. The two are shown together; that is not by itself evidence that one moved the other.
UK gilt yields have traded above German Bunds on every observation in the series, between +0.71pp and +2.26pp, and +1.90pp at the most recent reading. The premium reflects UK-specific currency and fiscal risk, amplified by the 2022 gilt episode, rather than policy rates alone.
The rate series. Three-month EURIBOR, the primary Eurozone short-term benchmark, and 10-year government bond yields for Germany, Japan and the United Kingdom. All four are monthly averages from official statistical sources, in percent per annum.
The US reference. The 10-year Treasury yield (DGS10), published each business day by the US Federal Reserve. It is used so the other 10-year sovereigns compare like with like. The overnight US benchmark is on the rates page, not this one.
Why the US figure here differs from the daily one. The international series are monthly and the most recent reading is May 2026; the US 10-year on that date was 4.39%, while its latest daily reading is 4.95% as of Sep 2026. Every yield shown as text on this page is on the May 2026 observation date, so the five are comparable to each other rather than each being as fresh as its own series allows.
Why the supply figure above differs from the one in the periods below. The reading at the top of this page is the platform headline supply figure, which is current as of Sep 2026. The periods below quote supply at the end of the window each one describes, so a figure there can be larger or smaller than today’s without either being wrong.
Monthly to daily. Each monthly reading is carried forward across the days until the next release, so every day reflects the most recent available monthly figure. Gaps are not interpolated.
Why this page is dated earlier than its neighbors. The international series are monthly and publish with a lag, so the most recent reading here is May 2026 while the daily series on the other macro pages run to within a few days of today. That is the release schedule, not stale data.
Spans. The rate series begin Jan 2020. The stablecoin supply series begins Nov 2017, so the earliest part of the chart shows supply with no rate lines beside it. Regime bands are drawn across the whole axis; the rate comparisons only start where the rate series do.
Regime bands. Set to actual FOMC meeting dates, not interpolated or estimated. They mark US policy periods, which is why they are drawn as neutral tints on a page about non-US rates: they locate the US cycle behind the comparison, and carry no judgment about any period.
What this page does not prove. Co-movement between cross-currency rate differentials and stablecoin supply is not causation. The carry trade is one of many channels; institutional FX hedging, dollarization in emerging markets, regulatory regimes and risk-on/off rotation all shape USD-stablecoin flows independently. Treat this as macro context for the global rate landscape, not attribution to a single transmission channel.
Updated with each monthly release. See the methodology for data sources and coverage.
USD-denominated stablecoins compete with local currency instruments globally. When US rates are high relative to European or Japanese rates, dollar-denominated yield is more attractive to non-US holders seeking dollar exposure and yield.
EURIBOR (Euro Interbank Offered Rate) is the benchmark short-term interbank lending rate in the Eurozone, analogous to SOFR for the US. The 3-month EURIBOR is used as a proxy for ECB policy transmission.
The Bank of Japan maintained near-zero or negative interest rate policy and yield curve control (YCC) for over a decade. Japan’s 10Y yield remained below 0.5% until 2023, when the BOJ began allowing rates to rise. This extreme divergence from US rates accompanied record yen weakness.
Rate divergence between the US and other major economies strengthens the dollar and increases the relative yield of dollar-denominated instruments including stablecoins. Investors in low-yield jurisdictions (Japan, Eurozone 2020–22) have extra incentive to hold stablecoins for dollar yield exposure.
EURIBOR sets the floor for euro-denominated cash returns. When EURIBOR is significantly below the US 10Y — as in 2020–22 — euro-area treasury teams have a structural incentive to allocate into USD-stablecoins for the yield differential. Watch the EURIBOR vs US 10Y spread alongside the EUR-stablecoin share of total stablecoin market cap on the EUR stablecoins page for the structural read.
UK 10Y yields are included because London remains the world’s second-largest FX trading center and the primary cross-border banking hub for dollar liquidity outside the US. UK rates carry information about offshore dollar funding conditions distinct from EURIBOR or JPY rates. UK gilts also have idiosyncratic episodes (LDI crisis 2022, Truss mini-budget) that matter for cross-currency stablecoin flows that don’t show up in continental European data.
The four international rate series begin Jan 2020 and the stablecoin supply series begins Nov 2017, so the earliest part of the chart shows supply with no rate lines beside it. The regime bands are drawn across the whole axis; the rate comparisons only start where the rate series do.
The four international series are monthly and the most recent reading is May 2026. The US 10Y is published daily, so this page shows its value on that same date rather than its latest value, which keeps all five yields on one observation date. The daily series in full is on the yield curve and real rates pages.