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<![CDATA[<figure class="image"><img src="https://cimg.co/news/126796/334802/north-america.jpeg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Adobe / StudioProX</figcaption></figure>According to a recent <a href="https://www.chainalysis.com/blog/north-america-cryptocurrency-adoption/">report</a> 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 accounted for nearly a quarter of the global transaction volume, the Chainalysis report said.<figure class="image"><img src="https://cimg.co/news/126796/334799/share-of-global-crypto-tr.jpg" alt="" srcset="https://cimg.co/news/126796/334799/responsive-images/share-of-global-crypto-tr___media_library_original_1556_864.jpg 1556w, https://cimg.co/news/126796/334799/responsive-images/share-of-global-crypto-tr___media_library_original_1200_666.jpg 1200w, https://cimg.co/news/126796/334799/responsive-images/share-of-global-crypto-tr___media_library_original_900_500.jpg 900w, https://cimg.co/news/126796/334799/responsive-images/share-of-global-crypto-tr___media_library_original_720_400.jpg 720w, https://cimg.co/news/126796/334799/responsive-images/share-of-global-crypto-tr___media_library_original_600_333.jpg 600w, https://cimg.co/news/126796/334799/responsive-images/share-of-global-crypto-tr___media_library_original_300_167.jpg 300w" sizes="100vw" width="1556" class="content-img"><figcaption>Source: Chainalysis</figcaption></figure>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 AmericaThe report defined institutional activity as transactions with a fiat value of $1 million or more.Chainalysis further said that while there was a contraction in crypto activity in the region following the <a href="https://cryptonews.com/news/breaking-ftx-files-for-chapter-11-bankruptcy-sam-bankman-fried-resigns-crypto-prices-crash-instantly.htm">FTX bankruptcy</a>, the setback was less severe compared to the impact of the <a href="https://cryptonews.com/news/another-bank-down-crypto-friendly-signature-bank-closed-over-systemic-risk-concerns-what-does-this-mean-for-crypto.htm">banking crisis in March</a> when crypto-friendly banks like Silicon Valley Bank, Silvergate, and Signature all suspended their operations.<h2 id="decline-in-stablecoin-usage-in-north-america">Decline in stablecoin usage in North America</h2>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.Additionally, the share of stablecoin activity going to US-licensed platforms has decreased, indicating a shift toward service providers based outside of the country.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.<figure class="image"><img src="https://cimg.co/news/126796/334800/share-of-stablecoin-inflows.jpg" alt="" srcset="https://cimg.co/news/126796/334800/responsive-images/share-of-stablecoin-inflows___media_library_original_1534_612.jpg 1534w, https://cimg.co/news/126796/334800/responsive-images/share-of-stablecoin-inflows___media_library_original_1200_479.jpg 1200w, https://cimg.co/news/126796/334800/responsive-images/share-of-stablecoin-inflows___media_library_original_900_359.jpg 900w, https://cimg.co/news/126796/334800/responsive-images/share-of-stablecoin-inflows___media_library_original_720_287.jpg 720w, https://cimg.co/news/126796/334800/responsive-images/share-of-stablecoin-inflows___media_library_original_600_239.jpg 600w, https://cimg.co/news/126796/334800/responsive-images/share-of-stablecoin-inflows___media_library_original_300_120.jpg 300w" width="1534" class="content-img"><figcaption>Source: Chainalysis</figcaption></figure>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.
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North America Dominates Global Crypto Usage, Chainalysis Report Reveals

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