According to TechFlow, on October 17, according to Cointelegraph, the latest report from blockchain data analysis company Chainalysis showed that although the launch of the US Bitcoin ETF has led to record growth in Bitcoin activity, the adoption of stablecoins in the United States in 2024 will lag behind the global market.

The report noted that the share of stablecoin transactions on U.S. regulated exchanges fell from about 50% in 2023 to below 40% in 2024. In contrast, the share of stablecoin transactions on non-U.S. regulated platforms has surged since 2023, exceeding 60% in 2024.

Chainalysis stressed that this shift does not mean a sharp decline in U.S. stablecoin activity, but rather reflects the rapidly expanding role of stablecoins in emerging markets and non-U.S. jurisdictions. Global demand for dollar-backed assets has surged, especially in countries with limited access to stablecoins.

The report also pointed out that another factor that the United States lags behind in stablecoin adoption is regulatory uncertainty. Circle said that the lack of a clear crypto regulatory framework in the United States has enabled financial centers such as Europe and the UAE to attract stablecoin projects through a more favorable regulatory environment.