According to a recent report by blockchain intelligence firm Chainalysis, North America leads the world in crypto usage, with the United States driving the lion’s share of activity.
The region boasted a transaction volume of more than $1 trillion between July 2022 and June 2023, which includes a notable contribution from Canada.
In total, North America accounted for nearly a quarter of global transaction volume, according to the Chainalysis report.
The report notes that major institutional investors are the main drivers of this activity, accounting for 76.9% of the transaction volume observed in North America.
The report defined institutional activity as transactions with a fiduciary value of $1 million or more.
Chainalysis further said that while there was a contraction in crypto activity in the region following the FTX bankruptcy, the pullback 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. they suspended their operations.
Declining use of stablecoins in North America
It’s also worth noting that the report revealed a decline in the use of stablecoins in North America, with its share of on-chain transaction volume falling from 70.3% to 48.8% during the last year
Additionally, the share of stablecoin activity going to US-licensed platforms has declined, indicating a shift towards service providers based outside the country.
As of June this year, 54.6% of stablecoin inflows to the top 50 crypto services went to non-US licensed platforms, according to the report.
The report suggested that US regulators are willing to exercise regulatory control over stablecoins because of their important role, and this could be one reason why there is now more activity outside the US.