Chainalysis Report Reveals Global Crypto Adoption Index
Blockchain analysis firm Chainalysis has released its 2023 Global Crypto Adoption Index, which ranks countries based on their adoption of cryptocurrencies. According to the report, the United States is ranked fourth globally, trailing behind India, Nigeria, and Vietnam.
North America Leads in Crypto Usage
North America is the global leader in crypto usage, according to Chainalysis. The region received an estimated $1.2 trillion worth of cryptocurrency between July 2022 and June 2023, accounting for about 24.4% of the total global value. The majority of this value went to the United States, while Canada and Bermuda received a smaller portion.
Stablecoin Regulations in the United States
The Chainalysis report highlights a shift in stablecoin activity away from US licensed services. Despite over 90% of stablecoin activity being conducted in US dollar-pegged stablecoins, more stablecoin inflows are now going to non-US licensed exchanges. The report suggests that US policymakers need to pass stablecoin legislation to ensure consumer protection and create a favorable environment for the crypto industry.
Hot Take: Chainalysis Report Reveals US Crypto Adoption Ranking
The recently released Chainalysis report provides insights into the global adoption of cryptocurrencies. It ranks the United States as the fourth most crypto-friendly country worldwide, following India, Nigeria, and Vietnam. North America emerges as the leader in crypto usage, with the region receiving over $1.2 trillion worth of cryptocurrency between July 2022 and June 2023. However, there has been a shift in stablecoin activity away from US licensed services to non-US exchanges. This calls for stablecoin legislation in the United States to safeguard consumers and support the growth of the crypto industry.
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