Chainalysis Report: The US Holds the Largest Crypto Stockpile but Shows Minimal Usage

Chainalysis’ seventh Geography of Cryptocurrency report examines the period from July 1 2025 to June 30 2026, a stretch marked by a sharp market‑cap decline and shifting usage patterns.

Market‑Cap Contraction and Economic Activity

The overall crypto market value fell by $2.1 trillion, cutting the total market cap in half. Despite this, on‑chain economic activity slipped only 1.6%, moving from $9.5 trillion to $9.4 trillion.

Where Value Flowed

• Value entering crypto businesses (exchanges, DeFi protocols, lending platforms, bridges) dropped 4.3%, from $9.30 trillion to $8.90 trillion.
• Direct transfers between personal wallets within a country surged 302.9%, rising from $56.8 billion to $228.7 billion.
• Domestic peer‑to‑peer activity now consists of 96% stablecoins; the stablecoin share of this channel grew 377.7% even as the overall channel fell 19.7%.

Cross‑Border Stablecoin Growth

Cross‑border stablecoin value increased 77.5%, from $124.2 billion to $220.3 billion. Monthly volume more than doubled, reaching $24 billion by June 2026, with an average payment size of about $3,000—indicative of invoices, remittances, and savings transfers rather than large institutional settlements.

Geographic Adoption Rankings

Chainalysis ranked countries on service flows, domestic peer‑to‑peer activity, cross‑border flows, and on‑chain balances. Brazil led the list with a $252.5 billion crypto economy, placing in the global top four on every metric. The United States ranked second overall, topping total flows and balances but falling to 20th in peer‑to‑peer activity and 11th in cross‑border flows. Nigeria ranked third, leading in both domestic peer‑to‑peer and cross‑border flows while lagging in service flows and balances.

Stablecoin Dominance in On‑Chain Value

Global on‑chain holdings fell from $0.86 trillion to $0.44 trillion, while stablecoin balances remained between $98 billion and $109 billion. Stablecoins now represent 22.5% of all on‑chain value, a share driven by the contraction of other assets rather than increased stablecoin purchases.

Regulatory Influence

Emerging regulatory frameworks—including the U.S. GENIUS Act, the EU’s MiCA, and initiatives in Japan, Hong Kong, Singapore, and the U.K.—are cited as catalysts for stablecoin adoption.