{"id":76199,"date":"2023-10-24T08:37:25","date_gmt":"2023-10-24T12:37:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/north-america-dominates-global-crypto-usage-chainalysis-report-reveals\/"},"modified":"2023-10-24T08:37:28","modified_gmt":"2023-10-24T12:37:28","slug":"north-america-dominates-global-crypto-usage-chainalysis-report-reveals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=76199","title":{"rendered":"North America Dominates Global Crypto Usage, Chainalysis Report Reveals"},"content":{"rendered":"
\n

According to a recent report by blockchain intelligence firm Chainalysis, North America is leading the world in crypto usage, with the United States driving the lion’s share of activity.<\/p>\n

The region boasted a transaction volume exceeding $1 trillion between July 2022 and June 2023, which includes a notable contribution from Canada.<\/p>\n

In all, North America accounted for nearly a quarter of the global transaction volume, the Chainalysis report said.<\/p>\n

The report noted that major institutional investors are the primary drivers of this activity, accounting for 76.9% of the transaction volume seen across North America<\/p>\n

The report defined institutional activity as transactions with a fiat value of $1 million or more.<\/p>\n

Chainalysis further said that while there was a contraction in crypto activity in the region following the FTX bankruptcy, the setback was less severe compared to the impact of the banking crisis in March when crypto-friendly banks like Silicon Valley Bank, Silvergate, and Signature all suspended their operations.<\/p>\n

Decline in stablecoin usage in North America<\/h2>\n

Also worth noting is that the report revealed a decline in stablecoin usage in North America, with its proportion of on-chain transaction volume dropping from 70.3% to 48.8% over the past year.<\/p>\n

Additionally, the share of stablecoin activity going to US-licensed platforms has decreased, indicating a shift toward service providers based outside of the country.<\/p>\n

As of June this year, 54.6% of stablecoin inflows to the top 50 crypto services went to non-US licensed platforms, the report said.<\/p>\n

The report suggested that U.S. regulators are keen to exert regulatory control over stablecoins due to their important role, and that could be a reason why more of the activity is now happening outside the United States.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to a recent report by blockchain intelligence firm Chainalysis, North America is leading the world in crypto usage, with the United States driving the lion’s share of activity. The region boasted a transaction volume exceeding $1 trillion between July 2022 and June 2023, which includes a notable contribution from Canada. In all, North America […]<\/p>\n","protected":false},"author":1,"featured_media":76200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-76199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nNorth America Dominates Global Crypto Usage, Chainalysis Report Reveals | iFintechWorld<\/title>\n<meta name=\"description\" content=\"According to a recent report by blockchain intelligence firm Chainalysis, North America is leading the world in crypto usage, with the United States\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=76199\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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