North America remains the epicenter of crypto capital

TL; DR: Chainalysis’s October 14 report states North America’s $3 trillion digital property economy stays the world’s most prominent, despite the fact that the U.S. crypto economy diminished 2.2%. The U.S. leads in AI representative payments (x402), tokenized Treasuries, and dollar stablecoins, however it exports these more than it holds them. Canada’s payments volume grew 2.3% to $247.7 billion, driven by peer-to-peer usage and stablecoin remittances.

Secret Takeaways

• The United States and Canada’s approximately $3 trillion digital property economy is the world’s most prominent, according to Chainalysis’s report on the 12 months ending July 1, 2026.
• Over 138 million x402 deals happened on Base throughout the duration, up from about 1,500, and the U.S. represent 30% of agent-to-services deals.
• Chainalysis approximates the tokenized property market ended Q2 2026 at $36.07 billion, up 135%, with tokenized U.S. Treasuries the biggest property at $15.42 billion (42.8%).
• U.S. holders comprise just 11.7% of the international tokenized RWA holder base, so the U.S. is the leading provider however not the leading purchaser.
• 99.1% of stablecoin order book volume is pegged to the dollar, and the U.S. ended up being a net importer of bitcoin in 2026 for the very first time considering that 2022.
• Canada’s digital property economy grew 2.3% to $247.7 billion and ranked very first worldwide in cross-border stablecoin circulations.

Canada’s digital currency market booms and dollar stablecoins control, while the U.S. leads in tokenization and the growing on-chain AI economy, a brand-new report discovers.

The United States and Canada’s $3 trillion digital property economy stays the most prominent on the planet, thanks to Canada’s growing market bucking international bear patterns, and a trio of United States-developed items drawing in significant activity locally and all over the world, particularly AI commerce, stablecoins, and tokenized possessions, according to a brand-new report from blockchain analysis company Chainalysis.

Released October 14, the report paints a photo of increasing North American impact in the worldwide digital possession economy throughout the 12-month duration ending July 1, 2026, even as the U.S. crypto economy itself– thebiggest worldwide— diminished 2.2% over the duration.

“With the United States’ deep financier base supplying the capital, legislators upgrading guidelines, stablecoins supplying a currency, and services bringing crypto ever-closer to conventional financing, what occurs in North America’s crypto market gets exported to the world,” checked out the report. “Indeed, the U.S. and Canada topped our “big-money index,” an unweighted measurement of the large crypto-economic power of the nations we cover.”

AI representatives rising

Starting with the U.S., the ruling worldwide leader in digital currency appears to have actually kept its position at the top of the podium by being a leader in 3 essential sectors, 2 of which are sub-sectors of the digital possession area– tokenization and stablecoin– while the 3rd is perhaps the most world-changing and agenda-setting innovation of our time, expert system.

On the latter, based upon an analysis of x402– among the most popular digital payment rails that lets AI representatives invest cash– Chainalysis discovered that the self-governing software application has actually started spending for things on-chain, which the U.S. has actually become its dominant contractor.

Throughout the 12 months taken a look at, over 138 million x402 deals had actually happened on Base blockchain, up from a simple 1,500 at the start of the duration. The report likewise kept in mind that U.S.-funded AI representatives were negotiating more with x402 services than representatives moneyed from any other nation, with the U.S. holding a 30% share of agent-to-services deals.

Summarizing these 2 findings, Chainalysis specified that: “The United States’ lead in the worldwide AI advancement race is affecting all corners of the economy, consisting of crypto.”

And this pattern looks set to continue, with significant market individuals bearing in mind. The report estimated BlackRock’s Head of Digital Assets Research, Will Su, who informed Chainalysis that the company is carefully keeping track of agentic commerce, “with AI representatives possibly producing significant need for regular, low-value payments all the time.”

Another location that has actually seen increasing attention over the previous number of years, and in which the U.S. is likewise dominant, is tokenization.

Back to the leading ↑

Tokenization boom continues

The existing worldwide tokenized property market stands at roughly $17 billion, according to a June 2026 report from Citi Institute, which likewise forecasted it to reach $5.5 trillion by 2030 in a base-case circumstance, with a bear case of $2.7 trillion and a bull case of $8.2 trillion.

Chainalysis went even more, approximating the total tokenization market to complete Q2 2026 at $36.07 billion, a 135% boost over the duration. Of this, U.S. financial obligation (Treasury bonds) was the single-largest tokenized real-world possession (RWA) in the duration, with $15.42 billion on-chain, or 42.8% of all tokenized RWA worth.

On the other hand, U.S. holders are just 11.7% of the worldwide tokenized RWA holder base, representing 11.4% of its worth, which recommends that the North American powerhouse is the world’s leading provider however not its leading purchaser.

A comparable pattern emerged for stablecoins, where U.S.-dollar-backed stablecoins are ever more popular outside the U.S., simply as other possessions take spotlight locally.

Back to the leading ↑

United States not getting high on its own supply

Among the crucial findings from Chainalysis’ research study was that the U.S. has actually been exporting stablecoins on an enormous scale while staying a reasonably modest holder, rather appearing to concentrate on importing Bitcoin.

“Congressional passage of the GENIUS act in mid-2025 formalized what crypto economies all over the world currently understand: the U.S. is the leading exporter of digital dollars,” checked out the report. “In the 2026 duration we continued to see stablecoins get in brand-new usage cases most particularly abroad, benefitting the U.S. business, and the U.S. federal government, with billions of dollars in financial activity.”

One description is that dollar stablecoins enable individuals to hold dollars without a U.S. checking account, which most Americans currently have. Hence, the remainder of the world is rotating to a digital dollar since it fulfills a requirement that American users do not share. At the very same time, U.S. residents seem leaning more difficult on bitcoin as a considerably limited shop of worth.

It isn’t simply the U.S. that is to thank for North America’s relatively overwhelming position in digital currency.

Back to the leading ↑

Canada is a worldwide leader in peer-to-peer

Canada’s digital property economy grew 2.3% in between July 2025 and June 2026, reaching $247.7 billion general.

The factor for this development, according to Chainalysis, is that homeowners are utilizing crypto for their daily lives, and doing so “at rates far greater than we usually see in extremely established economies.”

Amongst G7 countries, Canada had the most robust general peer-to-peer crypto economy in Chainalysis 2026 rankings, putting seventh internationally in both domestic and cross-border circulations. For stablecoins, Canada was initially on the planet in cross-border circulations.

The report recommended this cross-border strength might be due to Canada’s growing immigrant population.

“About 23% of Canada’s population is foreign-born, the greatest share in the G7,” Morva Rohani, Executive Director of the Canadian Web3 Council, informed Chainalysis. She went on to credit Canada’s big immigrant population as one of the essential chauffeurs of remittances, arguing that “remittance passages to India, the Philippines, Nigeria, Pakistan, and China are greatly utilized.”

Based upon Chainalysis information, India, China, and the Philippines together represent 19.4% of Canada’s outgoing cross-border stablecoin worth, up from 10.9% a year previously.

Taken together, these findings recommend that, for Chainalysis, North America’s present success story is eventually less about who holds digital properties and more about who constructs the rails others utilize.

“American organizations, providers, and designers now sit at the center of 3 overlapping on-chain markets: the Treasuries being tokenized, the dollars being kept in stablecoin kind, and the AI services being purchased agentically,” concluded the report. “In each case, the users driving need are progressively outside the United States, while the facilities generating income from that need is inside it. Canada is one such user, with development running outside through dollar-denominated rails that neither its banks nor its regulators manage.”

Back to the leading ↑

Frequently asked questions:

What is Chainalysis’s North America crypto report?

Released October 14, Chainalysis’s report covers the 12 months ending July 1, 2026. It discovers North America’s approximately $3 trillion digital possession economy stays the world’s most prominent, driven by U.S. AI commerce, stablecoins, and tokenized possessions, plus Canada’s development.

The number of x402 deals occurred on Base?

Chainalysis counted over 138 million x402 deals on Base throughout the 12-month duration, up from about 1,500 at the start. Base is thought about to be the most popular blockchain for agentic commerce, and the U.S. holds a 30% share of agent-to-services deals.

What is x402?

x402 is among the most popular digital payment rails that lets AI representatives invest cash.

How huge is Canada’s crypto economy?

Canada’s digital possession economy grew 2.3% from July 2025 to June 2026, reaching $247.7 billion. Chainalysis states locals utilize crypto in daily life at abnormally high rates, and Canada ranked very first internationally in cross-border stablecoin circulations.

Why is Canada strong in cross-border stablecoin circulations?

About 23% of Canadians are foreign-born, the greatest share in the G7, driving remittances to India, the Philippines, Nigeria, Pakistan, and China. India, China, and the Philippines represent 19.4% of Canada’s outgoing stablecoin worth, up from 10.9%.

View|Stablecoins: The 5-Question Strategic Test with BCG’s Dr. Bernhard Kronfellner

Back to the leading ↑