From Compliance to Popularization: The United States is Leading the Global Digital Asset Market with $4.2 Trillion in Fiat Inflows
The United States has established a dominant position in the cryptocurrency sector with $4.2 trillion in fiat inflows, a feat made possible by breakthroughs in both policy and market.
Among them, the approval of spot Bitcoin ETFs and a clear institutional regulatory framework provide a solid foundation for the legitimacy of cryptocurrency's integration into mainstream finance, also igniting enthusiasm among retail and institutional investors, making the U.S. a core hub connecting traditional fiat currency and digital assets.
According to the latest analysis by Chainalysis, during the 12-month period ending in June 2025, the U.S. ranks second globally across multiple dimensions, including centralized services, DeFi usage, and institutional activity.
Particularly in the fiat-to-cryptocurrency channel, the U.S. holds an absolute advantage, processing cryptocurrency transaction volumes exceeding $4.2 trillion. In comparison, South Korea ranks second with over $1 trillion in transaction volume during the same period, while the European Union ranks third with nearly $500 billion.
Currently, the stablecoin USDT still leads global transaction volumes, but the rise of USDC is closely tied to the trajectory of U.S. institutions and regulated currency corridors. Its monthly transaction volume fluctuates between $1.24 trillion and $3.29 trillion, peaking at the end of 2024 due to surging demand, demonstrating the reshaping power of policy direction on market dynamics.
Despite the strong performance of the U.S. market, the Asia-Pacific (APAC) region is also rapidly emerging. On-chain data shows that primarily driven by widespread participation from countries like India, Vietnam, and Pakistan, the region's cryptocurrency trading volume has increased from $1.4 trillion to $2.36 trillion, a year-on-year growth of 69%.
In addition, Latin America and Sub-Saharan Africa are also showing strong growth momentum, with growth rates reaching 63% and 52%, respectively.
Analysts believe that these regions are quickly embracing crypto assets not only for investment purposes but also for the practical functions of digital currency in cross-border remittances, daily payments, and economic stability.
Overall, the global cryptocurrency ecosystem is exhibiting a trend of 'multipolar development.' The United States continues to lead with its institutional advantages and capital scale, while regions in the Asia-Pacific, Latin America, and Africa, referred to as the 'Global South,' are gradually becoming new frontiers for promoting popularization and technological innovation based on real-world applications.
