GM from the USA
GM from the USA. While dominating the international arena in many areas, US crypto markets are no less of a menace. Indeed, in 2025, the US dollar remains the world’s largest fiat on-ramp, with over $2.4 trillion in total volume. But while crypto’s place in the US may look significant, for what purposes and in what capacity it is used for is still very much up in the air. To find out where this leads, our American team member, Kendall Brown, took a peek at crypto in the US, from mining operations, institutionalization, ETPs, and stablecoins to regulations and politics, lawsuits and prediction markets (and Web3 events!). Read on to see what she found...
In previous editions of GM From, we looked at how the crypto industry is developing in countries including Sweden, Kazakhstan, Kyrgyzstan, Nigeria, Morocco, India, and the Netherlands. We looked at adoption rates, usage cases, ecosystems, and what we can expect in the future. This time, we turn to the United States. How are Americans using crypto? What unique challenges and opportunities are there for crypto in the US? And what can we learn, or not learn, from its ecosystem?
At Thrilld Labs, our team has consisted of people from around the world, coming from countries such as the Netherlands and Italy to South Korea, Russia, the United States, Nigeria, and China too. Fundamentally, we argue that global collaboration is a big part of what Web3 intends: creating an ecosystem that removes traditional barriers to participation thanks to its inherent construction around a decentralized network. However, even with these decentralized beginnings, there remain challenges for everyone to have the same opportunities.
Whether it be from the lack of an internet connection or laptop, an insurmountable knowledge gap, or legal limitations, your location and personal situation is a determining factor in Web3. And, where you live and who you are surrounded by, fortunately or unfortunately, do influence your work environment and how easily you can enter or do business in the Web3 space, or any, for that matter! (Networking Theories: Human Connectivity in Web3, Thrilld Labs).
At the same time, we see the global nature of Web3 coming to the surface in global teams (such as our own :)), in the increasing number of international Web3 companies, and, last but not least, in all the Web3 events taking place globally.
As a global Web3 company, and one that actively works with international events, communities, and partners, we are very curious to know more about the Web3 ecosystem and emerging crypto spaces in different countries, as well as how communities and individuals are contributing to discussions and furthering global participation through the very breaking down of said entry barriers.
In this edition, we turn to the crypto space in the US. Read on to find out what we learned…
Crypto in the US
The United States holds a dominant position in many areas, such as the economy and finance, tech and innovation, and is subsequently a leading figure in the crypto market. With $1.3 trillion recorded from on-chain transactions between July 2023 and June 2024, representing about 22.5% of global activity at the time, the US is one of the largest cryptocurrency markets globally. And indeed, in 2025, the US dollar remains the world’s largest fiat on-ramp, with over $2.4 trillion in total volume, almost four times the next-highest country.
When it came to global crypto adoption in 2025, the US took 2nd place just behind India on Chainalysis’s overall index ranking. Moreover, in a report by the IMF, the US remains the largest market for crypto exchange-traded products worldwide (Crypto Assets Monitor, 2025).
Imagine a country like this: generally wealthy, a large population, deep and liquid capital markets, a thriving innovation ecosystem and a relative stable political system and favorable investment climate. Not to forget the US dollar’s present role as the principal reserve currency of the international finance system. In such a case, blockchain technology and crypto will certainly be welcomed in the country's vast markets. One would assume. Yet, for what purposes and in what capacity crypto is welcomed is still very much up in the air. And wildly debated.
For an advanced market like the US, usage cases range from investment, mining, and purchase and money transfers, most significantly. Following this trend, some of the key players in crypto’s embrace are institutions. According to Chainalysis, approximately 70% of North America’s crypto activity comes from transfers over $1 million, thereby much reflecting the activities of major financial players in crypto markets, a development that is on the rise both in the US and globally, by the way.
In the following sections, we further explore the numbers, policies, and trends characterising the crypto space in the US in 2026 as well as beyond. We’ll look at mining, investments, stables, regulations, ecosystems, and the role of institutions and politics in crypto.
Crypto Usage in the US
The US was an early supporter of crypto and blockchain, when after the 2008 financial crisis many people were intrigued by the P2P alternative to centralized payment systems.
Take for instance the day of May 22, 2010, when Bitcoin was famously used to make a real world purchase by a Bitcoin-developer and miner, Laszlo Hanyecz. This transaction bought two Papa John’s pizzas for 10,000 BTC in Jacksonville, Florida, and pushed Bitcoin into a phase some like to creatively call the “Pizza Phase.” Similar curious tech folks were also crucial in these early years. In 2010 too, the world’s first major Bitcoin exchange, Mt. Gox was established alongside Bitcoin’s price listing and the first mining pool (Slush Pool).
Mining
In the early days, mining was popular in the US among a niche group of tech enthusiasts, especially where mining was as easy as mining hundreds or thousands of Bitcoin on a home computer. While many individuals were quick to set up their own bedroom mining operations, larger-scale operations were later led by companies like Marathon Digital Holdings (in 2017), CleanSpark (in 2020), and Riot (in 2017). In 2021, when China banned mining operations, a large share of miners relocated to the US, with mining operations in the US surging from under 17% in April to over 35% in July that year.
Mining benefited from cheap and accessible energy. Texas became a popular destination for miners for its independent grid (ERCOT) providing ample, inexpensive and often stranded, renewable energy such as in the form of wind and solar power. In some states, regulations looked at crypto favorably, adding to the support for mining operations and infrastructure investment.
More recently, in 2025, the US lead the world in Bitcoin mining, accounting for around one-third of global mining power. Yet alongside mining’s popularity, environmental concerns over energy did also provoke debates around state and federal oversight of operations (something we will see again further on...). In March 2025, the Security and Exchange Commission (SEC) indicated that whilst Proof-of-Work mining itself does not inherently constitute a securities offering, all miners must still comply with federal anti-money laundering (AML) and countering the financing of terrorism (CFT) rules.
Crypto Cycles
Beyond Bitcoin, the usage of crypto has changed with different cycles. In 2020-2023, the conversation was around non-fungible tokens (NFTs), tokenization, metaverse, and blockchain payments, while major brands became involved with their own Web3 launches and experiments. To take one example, Disney launched an NFT-focused accelerator program and invested in digital collectibles companies.
Naturally, crypto’s expansion in the US has not always been smooth sailing, albeit oftentimes caused by human actions rather than crypto’s inherent technological nature. For instance, after the collapse of the FTX exchange at the end of 2022, followed by the failure of the Silicon Valley Bank in 2023, crypto (alongside the larger tech scene across ) suffered a significant setback and restructuring.
Coming out of this period, the market has taken a decidedly institutional shift. The focus in 2026 is generally on tokenized real-world assets (RWAs), stablecoins, institutional blockchain rails, and other on-chain systems. Another important milestone came about in January 2024, with the introduction of spot Bitcoin exchange-traded products (ETPs) to US markets.
Exchange-Traded Products & Growing Institutionalization
Exchange-traded products allow investors to gain exposure to Bitcoin’s price movements without directly buying or storing the asset. As of 2025, there were 12 spot Bitcoin ETPs available to invest in, representing more than $90 billion in asset value (E*TRADE from Morgan Stanley, 2025). Exchange-traded funds (ETFs) have since captured the attention of retail and institutional investors alike.
For investors, the appeal of ETPs comes from the liquidity and accessibility to Bitcoin, as investing in Bitcoin directly takes a bit more work than investing in stocks or funds. Indeed, at the outset, publicly traded companies faced challenges to putting a ‘speculative’ (or ‘indefinite-lived intangible asset’, in the words of the American Institute of Certified Public Accountants) asset like BTC on their balance sheets. Companies were required to report the value of their holdings when the price dropped but could not mark them up until they were sold.
As a result, companies and investors created ‘derivatives’ or proxy stocks to gain exposure to Bitcoin’s price movements (Investopedia, 2025). With Bitcoin as the underlying asset, derivatives let companies buy Bitcoin futures contracts that are influenced by Bitcoin’s price without owning the digital asset itself.
To some extent, removing the technical know-how of managing private wallets or using crypto-native infrastructure that comes with owning and trading crypto makes investment and adoption of Bitcoin a simpler process. While this development is shared globally, the US has focused initially mostly on spot Bitcoin and Ethereum ETPs, with those overall dominating in terms of total Assets Under Management (AUM).
Kevin Tang from BlackRock’s Digital Assets team, noted a possible result of the shift to derivatives: “ETPs have shifted the conversation to focus on the investment merits and the value proposition of BTC and ETH, rather than just the logistical challenges of how to gain access to them.”
With the rising demand for crypto-related financial products like ETPs, the demand for solutions suitable for traditional financial (TradFi) institutions followed. On one hand, the joining of TradFi with crypto presents new solutions and avenues of awareness and access to crypto to the mainstream. With companies like Goldman Sachs, Fidelity, and BlackRock moving to integrate crypto as well as blockchain more largely into their services and products, the industry is being taken seriously as a potential source of value and investment instrument.
Yet on the other hand, the optimism and ethos of an alternative, decentralised financial system, free from establishments and legacy institutions might arguably be tempered by the re-centralization towards said institutions.
Stablecoins
As of early 2026, the total stablecoin supply is roughly $250-300 billion, with over 90% of fiat-backed tokens pegged to the US dollar, primarily led by Tether (USDT) and Circle (USDC). Stablecoins have been around for consumers to use since the mid 2010s, yet the Federal Reserve Bank of Kansas City reported that despite the availability of stablecoins and other types of cryptocurrencies for payments in the US, their usage has remained small and even declined to less than 2% in recent years. (Federal Reserve Bank of Kansas City, 2025).
The stalemate in activity, for one reason, points to the US’ unclear regulatory stance on stablecoins and digital assets more broadly. Regular gridlock in politics, between federal and state legislatures, and the definition of what a digital asset is, leaves uncertainty for investors and crypto companies operating in the US. This has resulted in a noticeable shift of stablecoin activity away from the US-regulated platforms, suggesting that global stablecoin adoption is outpacing US growth (Chainalysis, 2025).
Although even with the emergence of various stablecoin options globally, transaction volume remains dominated by USDT and USDC. Chainalysis estimates that from June 2024 to June 2025, USDT’s adjusted on-chain volume averaged roughly $703 billion per month (Chainalysis, 2025). Ultimately, USDT and USDC are still very prominent in global markets, especially for cross-border payments and institutional activity.
We’d also add here that since stablecoins are oftentimes backed by US state treasury bills (T-bills), more stablecoin adoption of the said currencies globally allows the US to essentially indirectly export its dollar as a global currency. This is, even amid growing discussions around de-dollarization among BRICS nations.
Finally, with the Trump administration's pro-crypto stance, we wonder what else could be set in motion thanks to the regulatory clarity in the form of the GENIUS Act...
Regulations & Politics (and Prediction Markets as an Example!)
After years of stalemate and regulatory frustration, the current tide in policy is looking on the bright side of crypto. As of early 2026, US lawmakers are once again considering a market structure bill for crypto. One of the key issues the bill addresses is defining what tokens are: a commodity or a security. The categorization would determine under which agency, the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC), crypto would fall under.
The CLARITY Act, introduced to the U.S. House in May 2025, would delineate the regulatory roles of both commissions, in the end, shifting the balance of oversight powers from the SEC to the CFTC. While it passed the House, the bill has since stalled in the Senate over disputes on stablecoin provisions. In addressing this dispute, the GENIUS Act was then passed In July 2025, establishing a framework for the issuance of stablecoins that went into effect in December.
With recent developments in crypto regulations comes greater clarity for projects, potentially less enforcement or penalties, and more flexibility for developers and crypto holders. For the US more generally, the bill could give renewed stability and appeal to the US market by providing a common footing for crypto companies to refer to. Similarly, the clarity on cryptocurrencies could set the standard for a true “token taxonomy,” categorizing tokens and incorporating them into wider social adoption.
Under a common framework, companies build knowing what to expect without the uncertainty of bypassing (or stepping on the toes!) of one of local, state, or federal laws. To take one example, prediction market operators Polymarket and Kalshi are facing legal battles over the growing prediction market industry against states that wish to ban them.
Predicting Prediction Markets
Prediction markets have popped up around the world, and especially in the US, allowing holders of crypto to bet on events – such as political elections or sports outcomes – by buying or selling essentially contracts tied to the probability of something happening or not happening. According to PBS News, Michael Selig, the recently appointed chairman of the CFTC, as well as the Trump administration are supportive of prediction markets (PBS News, Feb. 2026).
Taking a broad definition of commodities and futures, the administration is considering prediction markets as the same thing as futures contracts, effectively putting federal regulations over states. Hence, with the CFTC now overseeing regulation markets, that federal oversight could allow Polymarket and Kalshi to operate in all 50 states, even where gambling is illegal.
Selig wrote in a piece for The Wall Street Journal: “The CFTC will no longer sit idly by while overzealous state governments undermine the agency’s exclusive jurisdiction over these markets by seeking to establish statewide prohibitions on these exciting products” (CFTC, Feb. 2026). With the regulations proposed by the CFTC, prediction markets would be legitimized, helping companies like Kalshi launch their projects before they are cut. Although with continued backlash from public interest groups and state governments, the lawsuits against Kalshi and Polymarket are still ongoing as of this article being written.
To sum up, regulatory clarity has brought renewed optimism to US crypto markets, especially for stablecoins. The GENIUS Act drives institutional interest, like MiCA’s stablecoin regime has done in the EU. The US’ lag in clear guidelines has frequently led to lawsuits and continuing debates between the federal and state governments, and local actors. One example is the ongoing matter of prediction markets in the US. As seen by the CFTC’s stance, federal government oversight takes precedent. This case mirrors other debates on the definition of digital assets as well as the authoritative body over them.
We might argue then that crypto’s ongoing reception and future usage in the States is much influenced by political interest and deliberation.
Events & Communities
From the federal level down to grassroots movements, Americans are actively getting involved in discussions around crypto. Meet-ups are typically well-attended with substantial ecosystems for Offchain, Bitcoin, Ethereum, and others, not to forget about all sorts of local and regional communities, such as the Virginia Blockchain Council (one of Thrilld Labs’ partners).
Throughout the year, the US is the base for many of the world’s leading crypto, Web3, and blockchain events. Some of the biggest ones include: ETHDenver, Consensus, NFT NYC, Permissionless, SXSW, North America Blockchain Expo, DC Blockchain Summit, Bitcoin 2026 Las Vegas, BTC in DC, and Futurist Conference Miami, with many of these being Thrilld Labs’ valued partners.
Conclusion
The US cryptocurrency market maintains a domineering position globally, from mining activities, to investment through new tools like spot trading, derivatives, and arguably favorable regulatory developments. Large Web3, crypto, and blockchain events happen throughout the year across the States and local meet-ups and ecosystem gatherings, from our experiences, have seen consistent (even if not massive) attendance.
At the same time, adoption has taken a decidedly institutional shift since 2025 with corporations and financial institutions taking the initiative to establish their own digital assets departments and tools to onboard more people and other entities to perceive and value cryptocurrencies as serious assets. Meanwhile, dollar-denominated stablecoins such as USDT and USDC continue to see substantial transaction volumes, potentially signalling a form of currency privatization that was likely not the outcome many early Bitcoin proponents and builders had in mind.
The research and data used in this article are up-to-date as of February 2026.
Read more GM From research pieces
GM from Kyrgyzstan–Thrilld Labs
GM from Kazakhstan–Thrilld Labs
GM from the Netherlands–Thrilld Labs
Resources used
The Man Behind Bitcoin Pizza Day Spent More Bitcoin Than You Think (Forbes, 2025)
Crypto in the USA: The Ultimate Guide (Ledger Academy, 2025)
U.S. Consumers’ Use of Cryptocurrency for Payments (Federal Reserve Bank of Kansas City, 2025)
US Crypto Policy Tracker (Latham & Watkins, 2026)
Crypto Regulations in the USA 2025 (CoinSurges, 2025)
Crypto Assets Monitor (IMF, 2025)
Chairman Selig: Op-Ed | States Encroach on Prediction Markets (CFTC, 2026)
