The North American market accounts for around a quarter of global cryptocurrency transaction volume. The U.S. holds the leading position in the region.
According to the Chainalysis report, crypto transactions in North America totalled $1.3 trillion between July 2023 and June 2024. Overall, the region accounted for approximately 22.5% of total crypto transactions during the period studied.
About 70% of crypto transfers in the region exceed $1 million, indicating that North America owes its leadership to institutional activity and large financial players. The U.S. remains the region’s leader despite regulatory complexities.
Chainalysis analysts noted a decline in activity from stablecoin users in the U.S. compared to other jurisdictions. Analysts say that this trend is more indicative of the growing use of stablecoins outside the U.S., rather than a decline in the asset’s popularity in the region. Nevertheless, regulatory uncertainty in the U.S. threatens the country’s leadership in the stablecoin space.
The second largest crypto market in North America is Canada, with crypto transactions totalling $119 billion over the period. Stablecoins are the most popular asset in the country, accounting for 41.1% of the total volume of cryptocurrency transactions in Canada. The majority of transactions in the region are generated by large institutional investors. Thus, about 36% of the total volume of crypto transactions in Canada exceeds $10 million, and about 30% more — over $1 million.
Earlier, other reports by Chainalysis showed that about 9.1% of crypto transaction volume is generated by residents of Latin America and about 7.5% by users from the Middle East and North Africa.
