The Future of Cryptocurrencies: Leading Currencies in the Coming Years
Blockchain analytics firm Chainaliz has revealed the 2023 global cryptocurrency adoption index in a new report. According to Chainliz, the United States ranks fourth worldwide in cryptocurrency adoption, following India, Nigeria, and Vietnam.
Leading Country in Cryptocurrency Adoption
According to the latest report, the United States and Canada are the only countries from North America to make it to the top 20. Canada ranks 19th in the 2023 global cryptocurrency adoption index. The most represented region in the index is Central and South Asia, with seven countries in the top 20. Blockchain analysis firm states that North America is the global leader in cryptocurrency usage.
According to Chainalytics, North America’s estimated cryptocurrency value obtained through blockchain between July 2022 and June 2023 is approximately $1.2 trillion or about 24.4% of the global total. While the United States accounts for over $1 trillion of this value, Canada and Bermuda together received less than $200 billion.
Stablecoin Report
Regarding crypto regulations, the Chainalytic report states that despite more than 90% of stablecoin activities being conducted in stablecoins pegged to the US dollar, an increasing amount of stablecoin activity is taking place through unlicensed organizations in the United States. The company emphasized the following:
Since spring 2023, the majority of stablecoin flows to the top 50 crypto services have shifted from licensed US services to unlicensed US services, reversing the trend that occurred in late 2022 to early 2023. In June, 54.6% of the stablecoin flow to the top 50 services was going to licensed exchanges outside the US… While US entities initially helped legitimize and seed the stablecoin market, an increasing number of crypto users are engaging in stablecoin-related activities with overseas trading platforms and issuers. Unfortunately, this means that the US government is losing its ability to supervise stablecoins and that US consumers are missing out on opportunities to interact with stablecoins under the security measures provided by the US regulatory regime.
Additionally, the Chainaliz report highlights the need for policymakers in the US to pass stablecoin regulations that create a favorable environment for the cryptocurrency industry while ensuring consumer safety.