US Remains Largest Crypto Market But Stablecoin Activity Shifts Away

The United States is the world’s largest cryptocurrency market, accounting for 24.4% of global transaction activity, according to a recent report by Chainalysis.

Our 2023 Geography of Cryptocurrency Report is out today! Get your copy now and learn everything you need to know about the current state of crypto adoption around the world.“On-chain data suggests that North American crypto activity has fallen over the last year, following negative developments such as the blowup of FTX.”

Confidence in stablecoins such as Circle’s USDC was rattled following the collapse of Silicon Valley Bank, where the firm had massive exposure. In summary, crypto and stablecoin regulation will play an important role in reversing the trend of declines in North America.The overall on-chain value that changed hands in the period between July 2022 and June 2023 is estimated to be around $1.2 trillion, which is just over 24% of the global number.

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