Chainalysis: U.S. Holds Most Crypto, Uses It Least

Chainalysis’ 2026 Global Crypto Adoption Index found that the United States holds the largest cryptocurrency balances worldwide while registering the lowest measured levels of crypto usage among countries. The report covers the 12 months ending June 2026.

The index shows cross-border stablecoin transfers rose 77.5% to $220.3 billion in the year to June 2026, up from $124.2 billion the prior year. Over the same period total crypto market capitalization fell 37% to $2.1 trillion.

Chainalysis reported average cross-border stablecoin transfers of about $3,000, a size the firm associated with supplier payments, remittances and savings transfers. The company tracked 4,708 new cross-border corridors during the reporting period, carrying a combined $2.64 billion.

Flows remained concentrated. The top quarter of corridors accounted for 96.1% of measurable cross-border stablecoin value. The remaining three quarters carried $8.66 billion, up from $260 million in the previous 12-month period.

Philip Gradwell, vice president of economics at Tether, wrote in the report that “the bear market hit the price-sensitive half of crypto and left the payments half alone.” He added that activity now follows a steady rhythm through wallets rather than bursts, a pattern he described as characteristic of trade and business activity.

Regional drivers differ. Tianwei Liu, co-founder and CEO of StraitsX, noted that in Asia fragmented currencies and payment systems have created demand for stablecoin settlement that can operate behind familiar payment methods. Liu added that outside Asia stablecoins are used for dollar access, remittances and protection against inflation or capital controls in parts of Latin America, Africa and the Middle East.

Vincent Chok, co-founder and CEO of First Digital, pointed out that on-chain settlement is fast but does not solve off-chain requirements such as converting to local currency, meeting compliance checks and moving funds through existing banking rails. He said traditional payment structures work well for established corridors but become fragmented when businesses move money between markets with different banking systems, currencies and settlement hours.

Established remittance companies expanded stablecoin offerings in 2026. Western Union launched a stablecoin wallet and Visa-linked card across 37 markets in August 2026, allowing users to hold and spend a U.S. dollar–backed stablecoin. MoneyGram announced a similar card initiative in September 2026, initially targeting Colombia with plans to add more markets.

Chainalysis noted regulatory developments including the U.S. GENIUS Act (July 2025), the EU’s Markets in Crypto-Assets rules and Hong Kong’s issuer licensing regime. The report said those frameworks have brought stablecoins further within formal financial oversight.

The Global Crypto Adoption Index combines metrics on on-chain value received, on-chain retail value, merchant acceptance and peer-to-peer exchange trade volume to assess how countries use crypto. Chainalysis found a contrast between very large crypto holdings in the United States and relatively low measured usage, alongside growing stablecoin activity in cross-border payments and business settlement elsewhere.