The global crypto industry is no longer moving in one direction. It is divided into several tiers, with Asia leading in daily use, while the United States strengthens its position as an institutional and regulatory center.
A new global digital asset adoption index for Consensus Miami from CoinDesk Research shows that Asia ranks first in terms of trading volumes, stable transaction flows and crypto ownership rates, highlighting how much of the sector’s real activity is concentrated outside of North America.
At the same time, the United States continues to lead in exchange-traded products, custody infrastructure, and regulatory clarity, positioning it as the leading venue for compliant capital formation and large-scale institutional participation.
The report argues that this divide signals not so much a loss of influence from Washington as a structural change in the way crypto markets operate.
Liquidity, compliance and user behavior are increasingly decoupled instead of converging in a single jurisdiction. Asia’s strength lies in integrated financial integration and retailer participation, while North America’s advantage comes from product depth, licensing frameworks and access to traditional financial markets.
Stablecoins sit in the center of this division. In developed markets they remain heavily linked to trade and the use of collateral, but in emerging economies they are increasingly used for remittances, cross-border trade and inflation hedging. According to the index, this utility-driven demand helps drive transaction growth even when price momentum slows.
Latin America illustrates a third way. In several economies, dollar-pegged stablecoins are used less for speculation than for remittances, cross-border trade and hedging against inflation, creating constant demand for transactions even during market downturns.
The result is a multipolar digital asset market in which leadership depends less on geography and more on the crypto stack layer considered.
Click here to read the report
