Report: US Residents Conducted $1T in Crypto Transactions in a Year

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According to a report from analytical company Chainalysis, between July 2022 and June 2023, US residents conducted over $1 trillion in cryptocurrency transactions, making it the highest in the world.

During this period, North America accounted for 24.4% of the global transaction volume.

This was mainly driven by institutional investors, with transfers worth $1 million or more making up 76.9% of the total number of transactions.

However, there were setbacks in the region, such as the collapse of FTX exchange and the criminal trial of Sam Bankman-Fried, which caused large players to leave the market.

Furthermore, the cryptocurrency industry was also impacted by the March crisis, when banks like Silicon Valley Bank, Silvergate, and Signature, which were cryptocurrency-friendly, closed down.

Since June, there has been a recovery in activity in the region.

Chainalysis also noted a decrease in the use of stablecoins, from 70.3% to 48.8%, in on-chain transactions over the past year. However, most transactions with stablecoins are still carried out on unlicensed exchanges in the US.