US drives North American crypto dominance despite regional stablecoin decline
North America has regained its position as the leading global crypto market, generating $1.3 trillion in on-chain value from July 2023 to June 2024, accounting for 22.5% of the global total. This growth is attributed to increased institutional activity, particularly in the US, where transactions over $1 million make up 70% of crypto transfers. The US dominates the North American market, driven by significant activities around Bitcoin and Ethereum ETFs, despite facing volatility and a decline in stablecoin holdings on exchanges, dropping from 50% to under 40%. Regulatory uncertainty is pushing stablecoin projects to seek better conditions in Europe and the UAE. Conversely, stablecoin transactions outside the US have surged, exceeding 60% in non-US markets, especially in developing regions where they provide access to US dollars without traditional banking.
