BlockNews
  • CRYPTO
  • FINANCE
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • CRYPTO
  • FINANCE
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews
Home BREAKING NEWS

Stablecoin Activity is Moving Out of the United States

by BlockNews.com Team
October 29, 2023
in BREAKING NEWS, CRYPTO, DEFI
A A
Stablecoin Activity is Moving Out of the United States
1
SHARES
Share on XShare on RedditTelegram
  • The US remains the largest crypto market globally, accounting for 24% of transaction activity, though activity has declined due to regulatory crackdowns following crypto collapses.
  • Institutional activity makes up 76% of North America’s crypto volume, though stablecoin activity is shifting away from the US after confidence was shaken by Silicon Valley Bank’s collapse.
  • DeFi adoption is still rising in North America despite regulatory challenges, especially for protocols with speculative trading.

The United States is still the largest cryptocurrency market in the world, accounting for 24% of global transaction activity according to a recent report by Chainalysis. The report, released on October 23rd, revealed that there was an estimated $12 trillion in value received on-chain between July 2022 and June 2023 in the US.

North American Institutional Activity

Moreover, institutional activity makes up 76% of North America’s crypto transaction volume. Activity is split between centralized exchanges and DeFi, the report added.

Stablecoin Activity Shifting Away from the US

However, the report also stated that crypto activity is falling due to the ongoing regulatory crackdown following last year’s high-profile collapses. On-chain data suggests that North American crypto activity has declined over the last year after negative developments like the FTX blowup.

Activity has fallen further this year following the collapse of several major crypto companies in the US in March.

Moreover, stablecoin activity is also shifting away from America. “We’ve also observed a relative decline in North America’s stablecoin usage compared to other digital assets beginning around February 2023,” the report noted.

Confidence in stablecoins like Circle’s USDC was shaken after Silicon Valley Bank‘s collapse, where Circle had massive exposure. The majority of stablecoin inflows to the 50 biggest crypto services have shifted from US licensed services to non-US licensed services, it said.

Though US entities helped legitimize stablecoins, more crypto users are pursuing stablecoin activity with non-US platforms and issuers, reducing regulatory oversight of dollar-pegged stablecoins in the US.

The Need for Stablecoin Regulation

Congress has failed to regulate stablecoins despite several proposed bills. In summary, crypto and stablecoin regulation will play an important role in reversing declining activity trends in North America.

DeFi Adoption Still Growing

Despite regulatory challenges, DeFi adoption is still rising in North America. The overall on-chain value between July 2022 and June 2023 is estimated at over $12 trillion, just over 24% of the global number.

At the same time, DeFi usage has continued increasing in North America, especially for protocols with speculative trading.

Tags: BlockchaincryptoDeFiFTXUSDT
TweetShareShareShare

DON'T MISS THESE! HOT OFF THE PRESS

TRX Finds Its Floor as IPO Hype and Political Buzz Stir Up the Market
CRYPTO

TRX Finds Its Floor as IPO Hype and Political Buzz Stir Up the Market

June 21, 2025
Dogecoin to $5? One Analyst Thinks It’s Coming—and Has Charts to Back It Up
CRYPTO

Dogecoin to $5? One Analyst Thinks It’s Coming—and Has Charts to Back It Up

June 21, 2025
Solana vs Litecoin: Who’s Closer to That Sweet ETF Approval?
CRYPTO

Solana vs Litecoin: Who’s Closer to That Sweet ETF Approval?

June 21, 2025
Binance Coin Builds Tension Beneath Resistance as Traders Brace for Impact
Binance BNB

Binance Coin Builds Tension Beneath Resistance as Traders Brace for Impact

June 21, 2025
XRP Ledger Shatters Record with 5.1 Million Transactions in a Day
CRYPTO

XRP Ledger Shatters Record with 5.1 Million Transactions in a Day

June 21, 2025
Ethereum Might Be Way Too Cheap… If Stablecoins Blow Up
CRYPTO

Ethereum Might Be Way Too Cheap… If Stablecoins Blow Up

June 21, 2025
Load More

Related News

TRX Finds Its Floor as IPO Hype and Political Buzz Stir Up the Market

TRX Finds Its Floor as IPO Hype and Political Buzz Stir Up the Market

June 21, 2025
Dogecoin to $5? One Analyst Thinks It’s Coming—and Has Charts to Back It Up

Dogecoin to $5? One Analyst Thinks It’s Coming—and Has Charts to Back It Up

June 21, 2025
Solana vs Litecoin: Who’s Closer to That Sweet ETF Approval?

Solana vs Litecoin: Who’s Closer to That Sweet ETF Approval?

June 21, 2025
Binance Coin Builds Tension Beneath Resistance as Traders Brace for Impact

Binance Coin Builds Tension Beneath Resistance as Traders Brace for Impact

June 21, 2025
XRP Ledger Shatters Record with 5.1 Million Transactions in a Day

XRP Ledger Shatters Record with 5.1 Million Transactions in a Day

June 21, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • CRYPTO
  • Memecoins
  • Technology
  • Politics
  • FINANCE
  • NFT
  • DEFI
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.