Wu said he learned that according to the Chainalysis North America report, between July 2022 and June 2023, on-chain transaction volume in North America was estimated to be worth US$1.2 trillion, accounting for 24.4% of global activity during the period, with the United States being the main driver. North America is more driven by institutional activity, with 76.9% of on-chain transaction volume driven by transfers worth $1 million or more; from February to June 2023, the proportion of stablecoins in North America’s on-chain transaction volume increased from 70.3% dropped to 48.8%; since spring 2023, the majority of stablecoin flows into the top 50 crypto services have shifted from U.S. licensed services to non-permissioned services, with 54.6% of stablecoin flows going to non-U.S. licensed exchanges as of June According to the report, DeFi’s share of North American crypto activity has declined significantly over the past year.