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Recently, Chainalysis released the fourth "Global Crypto Geography Report", which combines on-chain information and real-world data to receive four major dimensions: total encryption amount, retail transaction volume, P2P transaction volume, and Defi transaction volume from centralized exchanges, based on per capita purchasing power. Index-weighted calculations analyze the regional penetration of the encryption field, per capita consumption, and service type preferences, and thus the 2023 global encryption adoption rate list is obtained.
Among the top 20 countries with the highest crypto adoption, the Central and South Asia and Oceania (CSAO) region dominates the index rankings, with six countries in the top 10 located in the region. As can be seen from the list, crypto It is not the developed countries that have the highest adoption rate. Less developed countries are particularly prominent among them. The top 10 countries with the highest encryption adoption rates are India, Nigeria, Vietnam, the United States, Ukraine, the Philippines, Indonesia, Pakistan, Brazil and Grassroots users in Thailand and underdeveloped countries in Asia are more interested in investing large amounts in the encryption field.
Overall, although each has its own merits, from a global perspective, global grassroots cryptocurrency adoption is declining. The report aggregates index scores for all 155 countries from the third quarter of 2020 to the present. Although there has been a clear recovery since the recession in late 2022, grassroots adoption is far from its highest level and remains at historically low levels. .
Despite this, North America remains the largest market studied in the report, with on-chain transactions worth approximately $1.2 trillion between July 2022 and June 2023, accounting for 24.4% of global transaction activity during the same period. Similar to market performance, on-chain data shows that cryptocurrency activity in North America has declined over the past year, which has been linked to negative events such as the FTX crash in November 2022, and the subsequent collapse of USDC following the successive collapses of crypto-friendly banks. Anchor, institutional investors continue to withdraw. Stablecoins have shown the same trend, with stablecoin usage in North America also experiencing a relative decline compared to other digital assets starting around February 2023. From the following month to June 2023, the share of stablecoins in North American on-chain transaction volume dropped from 70.3% to 48.8%.
Under frequent regulatory pressure this year, the regulatory opportunity in the North American market has been lost, and funds have gradually flowed out of compliance exchanges. Stablecoin services confirm this point. Since the spring of 2023, most of the stablecoins flowing into the 50 largest cryptocurrency platforms have been transferred from U.S. licensed exchanges to U.S. unlicensed exchanges. This is consistent with 2022 The trend seen at the end of the year and at the beginning of 2023 is opposite. As of June, 54.6% of stablecoins flowing into the top 50 trading platforms went to U.S. unlicensed exchanges.
In the Latin American market, due to its anti-inflation and real-time transactions, cryptocurrency has become an important part of daily life in many countries in the region. However, Latin America is vast and relatively dispersed, so there are differences in regional development. Venezuela and Argentina mainly use It is used to fight inflation. Mexico uses remittances as its mainstream application, while Brazil focuses on institutional investors. In this market, centralized exchanges have an absolute advantage. Taking Venezuela as an example, up to 92.5% of cryptocurrency activities are conducted through such services.
The report also contains detailed descriptions of Europe, East Asia, and Africa. Since the report is only available in English, in order to facilitate the dissemination of industry views in the Chinese community, Gyro Finance specially compiled the report into Chinese. The copyright of the report is still owned by Chainalysis, and the compilation is only For the purpose of exchange of opinions, the report may not be used for other commercial purposes.
Link to the original report:
https://go.chainalysis.com/geography-of-cryptocurrency-2023.html
The following is part of the compilation report:
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