According to Cointelegraph, since the launch of the spot BTC ETF, the US Bitcoin activity has hit a record high. However, the adoption of stablecoins in the US slowed down compared with the global market in 2024. Chainalysis' October 17 report showed that the share of stablecoin transactions on regulated exchanges in the United States fell from about 50% in 2023 to less than 40% in 2024.

In contrast, the share of stablecoin transactions on non-US regulated platforms has surged since 2023, exceeding 60% in 2024. Chainalysis emphasized that this change reflects the rapid expansion of stablecoins in emerging markets and non-US jurisdictions.

Global demand for dollar-backed assets has surged, especially in countries with limited stablecoins. The report mentioned that as of the end of 2022, more than $1 trillion in U.S. dollar banknotes (about half of the total) were held outside the United States.

Tether CEO Paolo Ardoino said that the main demand for stablecoins comes from developing economies such as Argentina, Turkey and Vietnam, rather than the United States. Regulatory uncertainty has also caused the United States to lag behind other economies in the adoption of stablecoins.

Chainalysis noted that stablecoin company Circle said the lack of clear crypto regulations in the United States has attracted more stablecoin projects to financial centers such as Europe and the UAE. A Circle spokesperson warned that the lack of a U.S. regulatory framework for dollar-referenced stablecoins poses a threat to U.S. interests.