- CSAO leads global crypto adoption with high activity in local exchanges and DeFi.
- Lower-income regions see increased stablecoin use, driving practical crypto adoption.
- U.S. Bitcoin ETF boost contrasts with high-income countries’ reduced crypto activity.
The 2024 Global Crypto Adoption Index shows a surprising trend: Central & Southern Asia and Oceania (CSAO) is now the world leader in cryptocurrency adoption. In the latest Chainalysis report, seven out of the top 20 countries on the index are located in this region, highlighting its vibrant crypto scene.
Read also: Chainalysis Study Claims: CSAO Is the 3rd Largest Crypto Market
CSAO’s strength has been in its high activity on local exchanges, strong merchant services, and active participation in DeFi.
Leading Nations in Crypto Adoption
India tops the 2024 index, leading in centralized and retail service values and showing significant engagement in DeFi, despite holding the third spot in this category. Indonesia follows closely, securing the third position overall, with exceptional performance in DeFi, both in general and retail contexts.
Vietnam also shines, holding its ground across both centralized and DeFi services. The Philippines and Pakistan further solidify CSAO’s dominance in the top ten.
Global Trends and Emerging Markets
While the United States, ranked fourth, saw a boost in Bitcoin activity following the launch of the Bitcoin ETF, this growth contrasts with a broader pullback in crypto activity across high-income countries.
Lower-income regions are also experiencing remarkable crypto adoption. Sub-Saharan Africa and Latin America are seeing increased stablecoin activity, driven by practical use cases in these areas. Nigeria, for instance, ranks second overall, highlighting its growing importance in the global crypto market.
The 2024 index also highlights a surge in DeFi activities in Sub-Saharan Africa, Latin America, and Eastern Europe. This trend has driven an increase in altcoin activity in these regions, contributing to a broader global growth pattern. Consequently, the total value of global crypto activity has surged, reaching levels not seen since the 2021 bull market.
Overall, while high-income regions like North America and Western Europe continue to exhibit growth, the most significant changes are occurring in lower-income regions. The rise in DeFi and stablecoin use, alongside institutional Bitcoin activity, reflects a dynamic and evolving global cryptocurrency landscape.
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Source: https://coinedition.com/central-southern-asia-and-oceania-lead-global-crypto-adoption/