- North America saw $1.2 trillion in crypto market value from July 2022 to June 2023.
- Stablecoin usage in North America dropped from 70.3% to 48.8% between February and June 2023.
- India has emerged as the global leader in crypto adoption, receiving $250 billion in value.
According to Chainalysis, North America leads global cryptocurrency adoption, accounting for nearly a quarter of crypto transaction volume worldwide. However, declining crypto markets over the past year have impacted usage patterns in the region.
Per a new report from blockchain analytics firm Chainalysis, North America, she represented 24.4% of global crypto activity between July 2022 and June 2023. North America’s total on-chain crypto market value reached approximately $1.2 trillion.
Crypto activity in North America is split relatively evenly between decentralized finance (DeFi) and centralized exchanges. This is despite regulatory uncertainty and recent events like the FTX collapse that have hindered the North American crypto sector.
Chainalysis notes that the United States, the global leader in adoption, primarily drives crypto activity in North America. However, regulatory pressure in the U.S. has decreased activity over the past year.
Stablecoin use is dropping in North America.
One major trend is the decline in stablecoin usage across North America. From February to June 2023, stablecoins’ share of regional transaction volume fell from 70.3% to 48.8%.
However, stablecoins pegged to the U.S. dollar still makeup over 90% of stablecoin activity in North America. As U.S. regulators signal more stablecoin oversight, some action is shifting to non-U.S. licensed entities.
Slowing DeFi activity
Decentralized finance activity has also slowed alongside crypto market declines in North America, though this has been a global rather than regional trend. Proposed U.S. crypto regulations intend to allow proper DeFi growth under oversight.
Outside North America, Central and Western Europe saw 17.6% of total crypto transaction value from July 2022 to June 2023. The United Kingdom accounted for the largest share, over twice that of second-ranked Germany.
Major growth in Asia
Meanwhile, Central and Southern Asia and Oceania represented 19.3% of global crypto exchange volume. India has emerged as the worldwide leader in adoption, receiving around $250 billion in crypto value over the past year.
Vietnam and Nigeria also saw significant growth, ranking third and fourth in adoption after India and Ukraine. Lastly, over $75 billion in crypto value was traded in China during this period, despite bans introduced in 2020. Most activity went through centralized exchanges.
Conclusion
North America maintains leadership in global crypto markets, even as adoption expands. Uncertainty has led to usage changes, like decreasing stablecoin and DeFi volumes. However, prudent regulations could enable safer crypto innovation and growth across North America. For now, the region remains integral to the maturing digital asset economy.
