Chainalysis today released the North America chapter of its *2026 Geography of Cryptocurrency Report* (October 17; covering the 12 months through July 1, 2026). Key takeaway: North America’s on-chain economy totaled $3.02 trillion, retaining its position as the world’s largest, while several notable structural shifts emerged.
1. U.S.–Canada divergence: The U.S. totaled $2.78 trillion, down slightly by 2.2% year over year—a cyclical pullback. Canada expanded against the trend, growing 2.3% to $247.7 billion.
2. A major capital divergence: In 2026, the U.S. became a net importer of Bitcoin across borders for the first time since 2022. Institutional funds in transactions exceeding $10 million continued to flow back in, accumulating 53,200 $BTC . Meanwhile, the U.S. is exporting digital dollars worldwide. The report’s quarter-end figures show USDC in circulation at $73.3 billion (+19% year over year), on-chain settlement volume of $14.8 trillion for the quarter, and 99.1% of order-book trading across the network pegged to the dollar.
3. AI agent commerce reaches a sticky inflection point: Cumulative transactions on the x402 protocol on Base surpassed 138 million. U.S. wallets accounted for 88.1% of model-inference transactions across the network, with influence over underlying protocols highly concentrated.
4. Canada becomes the G7’s largest P2P crypto economy: Cross-border stablecoin remittances reached $2.36 billion, surging 141% year over year (3.56 million transactions, averaging $663 each). Stablecoins’ share of the assets purchased by Canadian traders rose to 44%, from 30% a year earlier.
5. Tokenized U.S. Treasuries are the clear leader in RWA: Their on-chain value reached $15.42 billion, or 42.8% of the total RWA value of $36.07 billion (at the end of Q2, up 135% over the period). By holder location, Italy ranked first at 29.9%, while the U.S. ranked fourth, at just 10.5%.
A clear division of labor is emerging: the U.S. is laying the foundations—institutional capital, stablecoin issuance, and protocol standards—while real on-chain demand is increasingly coming from outside the U.S. The dollar’s on-chain dominance faces no serious challenger in the near term; euro stablecoins account for just 0.45% of trading volume.
These are solely my personal views and do not constitute investment advice.
#比特币 #稳定币 #RWA
1. U.S.–Canada divergence: The U.S. totaled $2.78 trillion, down slightly by 2.2% year over year—a cyclical pullback. Canada expanded against the trend, growing 2.3% to $247.7 billion.
2. A major capital divergence: In 2026, the U.S. became a net importer of Bitcoin across borders for the first time since 2022. Institutional funds in transactions exceeding $10 million continued to flow back in, accumulating 53,200 $BTC . Meanwhile, the U.S. is exporting digital dollars worldwide. The report’s quarter-end figures show USDC in circulation at $73.3 billion (+19% year over year), on-chain settlement volume of $14.8 trillion for the quarter, and 99.1% of order-book trading across the network pegged to the dollar.
3. AI agent commerce reaches a sticky inflection point: Cumulative transactions on the x402 protocol on Base surpassed 138 million. U.S. wallets accounted for 88.1% of model-inference transactions across the network, with influence over underlying protocols highly concentrated.
4. Canada becomes the G7’s largest P2P crypto economy: Cross-border stablecoin remittances reached $2.36 billion, surging 141% year over year (3.56 million transactions, averaging $663 each). Stablecoins’ share of the assets purchased by Canadian traders rose to 44%, from 30% a year earlier.
5. Tokenized U.S. Treasuries are the clear leader in RWA: Their on-chain value reached $15.42 billion, or 42.8% of the total RWA value of $36.07 billion (at the end of Q2, up 135% over the period). By holder location, Italy ranked first at 29.9%, while the U.S. ranked fourth, at just 10.5%.
A clear division of labor is emerging: the U.S. is laying the foundations—institutional capital, stablecoin issuance, and protocol standards—while real on-chain demand is increasingly coming from outside the U.S. The dollar’s on-chain dominance faces no serious challenger in the near term; euro stablecoins account for just 0.45% of trading volume.
These are solely my personal views and do not constitute investment advice.
#比特币 #稳定币 #RWA