CoinDesk Research: U.S. leads institutional crypto, Asia rules trading ahead of Consensus Miami

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CoinDesk Research: U.S. leads institutional crypto, Asia rules trading ahead of Consensus Miami

Asia’s dominance is visible across every major dataset in this report, but the U.S. is assembling the institutional engine for the next surge of global adoption, while Latin America is already proving how utility-driven demand can scale in the real economy.

By CoinDesk Research|Edited by Omkar Godbole

Feb 4, 2026, 4:33 a.m.

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What to know:

• The global crypto market is fragmenting into distinct layers, with Asia leading in everyday usage while the United States consolidates its role as the institutional and regulatory center.
• CoinDesk’s Global Digital Asset Adoption Index finds Asia on top in exchange trading volumes, stablecoin flows, and ownership rates, even as the U.S. dominates in exchange-traded products, custody, and compliant capital formation.
• Stablecoins highlight this split, serving mainly trading and collateral functions in developed markets but powering remittances, cross-border commerce, and inflation hedging in emerging economies, especially in Latin America.

The global crypto industry is no longer moving in one direction. It is splitting into layers, with Asia leading in day-to-day usage while the U.S. strengthens its position as the institutional and regulatory hub.

A new Global Digital Asset Adoption Index for Consensus Miami from CoinDesk Research shows Asia ranking first in exchange trading volumes, stablecoin transaction flows, and crypto ownership rates, underscoring how much of the sector’s real activity is concentrated outside North America.

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At the same time, the U.S. continues to dominate in exchange-traded products, custody infrastructure, and regulatory clarity, positioning it as the primary venue for compliant capital formation and large-scale institutional participation.

The report argues that this divide does not signal a loss of influence for Washington so much as a structural shift in how crypto markets function.

Liquidity, compliance, and user behavior are increasingly decoupled rather than converging in a single jurisdiction. Asia’s strength lies in embedded financial integration and retail participation, while North America’s advantage comes from product depth, licensing frameworks, and access to traditional financial markets.

Stablecoins sit at the center of this split. In developed markets they remain heavily tied to trading and collateral use, but in emerging economies, they are increasingly used for remittances, cross-border commerce, and inflation hedging. According to the index, this utility-driven demand is helping push transaction growth even when price momentum slows.

Latin America illustrates a third path. In several economies, dollar-pegged stablecoins are used less for speculation and more for remittances, cross-border commerce, and inflation hedging, creating consistent transaction demand even during market downturns.

The result is a multipolar digital asset market in which leadership depends less on geography and more on the layer of the crypto stack under consideration.

Click here to read the report

Consensus Miami 2026United StatesStablecoinsAsia