The U.S. drives the greatest share crypto activity in the world with over $1 trillion in transaction volume between July 2022 and June 2023.
The U.S. drives the greatest share crypto activity in the world with over $1 trillion in transaction volume between July 2022 and June 2023, according to a new report from Chainalysis. Together with Canada, the region accounts for almost one-fourth of global transaction volume.
Activity in the region predictably contracted after the blowup of the FTX exchange and the start of the criminal trial of its former CEO, Sam Bankman-Fried. However, that appeared to be a smaller shock for the industry than the banking crisis in March, when Silicon Valley Bank was shut down by the regulators, a move that was followed with actions against other crypto-friendly banks like Silvergate and Signature.
Stablecoin activity is also shifting away from U.S.-licensed services, Chainlaysis said, reversing the trend seen late last year. Now, over a half of all stablecoins traded are flowing to non-U.S. licensed exchanges, the report says.
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