The United States continues to dominate the global cryptocurrency market, accounting for 24.4% of global transaction activity, according to a recent report by Chainalysis. Released on October 23, the report revealed that the U.S. received an estimated $1.2 trillion in on-chain value between July 2022 and June 2023. The report also highlighted that institutional activity makes up 76.9% of North America’s crypto transaction volume, and this activity is split between centralized exchanges and decentralized finance (DeFi).
However, the report also noted that crypto activity in North America is experiencing a decline due to the ongoing “war on crypto” by financial regulators following high-profile collapses in the previous year. This decline has been further exacerbated by the collapses of several major banks in the U.S. in March. Additionally, stablecoin activity is shifting away from America, with a relative decline in usage observed compared to other digital assets since February 2023. The majority of stablecoin inflows to the largest crypto services have shifted from U.S. licensed services to non-U.S. licensed services, reducing regulatory oversight of dollar-pegged stablecoins in the U.S. Despite these challenges, DeFi adoption is still growing in the North American region, particularly for protocols with highly speculative trading.
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