According to the 2026 Geography of Crypto report by Chainalysis, the United States has become a net importer of Bitcoin for the first time since 2022. The report, which covers the 12-month period ending July 1, 2026, highlights a growing divergence in digital asset usage between the US and the rest of the world.
The US Bitcoin index score reached 0.96 in 2026, compared to 0.52 for the rest of the world, marking a significant increase in the gap from 0.09 in 2024. Conversely, the rest of the world leads in stablecoin adoption with a score of 1.00, while the US score sits at 0.56. This shift reflects a widening deficit compared to the 0.05 gap observed in 2024.
Data indicates that retail users in the US are net senders of Bitcoin, while institutional investors are driving accumulation. Transfers exceeding $10 million resulted in an inflow of 53 200 BTC. BlackRock’s Will Su notes that institutional interest remains strong as global government debt and spending levels continue to rise.
Stablecoins remain dominated by dollar-pegged tokens, which account for 99.1% of exchange order book volume, while euro-backed tokens represent only 0.45%. Overseas demand for digital dollars effectively translates into demand for US Treasury debt, as stablecoin reserves are primarily held in short-dated government securities.
The crypto economy in the US and Canada has nearly doubled over the past two years. While regions like Singapore and Hong Kong have implemented stablecoin licensing frameworks, Chainalysis suggests that user adoption patterns are currently driven more by functional needs than by regulatory developments.
