The United States is accumulating Bitcoin while exporting dollar-pegged stablecoins globally, according to a Chainalysis report released Wednesday titled "North America: Inside the Growth of Agentic Commerce."
The U.S. became a net importer of Bitcoin in 2026 for the first time since 2022, the data showed. During this period, institutions have been buying Bitcoin while retail investors largely sell.
Bitcoin ETF Approval Spurs Institutional Investment
The surge in U.S. Bitcoin accumulation follows the January 2024 approval of spot Bitcoin exchange-traded funds by the Securities and Exchange Commission, ending a decade of regulatory rejection. Managed by Wall Street firms including BlackRock, Fidelity, and Morgan Stanley, these funds achieved the most successful debut in ETF history.
Since the 2024 launch of spot Bitcoin ETFs, America's share of global Bitcoin activity has risen in every reporting period, even as the overall U.S. crypto economy valued at $2.78 trillion contracted 2.2% in a bear market.
The Chainalysis report noted that the ETF approval has helped the industry mature and enabled the U.S. to become a larger overall Bitcoin investor.
Stablecoins Serve Different Needs
Dollar stablecoins have become a currency of choice for peer-to-peer economies and businesses operating across borders, the report stated. The Chainalysis analysis suggested that Americans favor Bitcoin as a store of value, while users elsewhere adopt dollar-pegged stablecoins to hold dollars without requiring American bank accounts.
In 2026, stablecoins continued to enter new use cases abroad, generating billions of dollars in economic activity that benefits U.S. companies and the government, according to the report.
Regulatory Environment
The regulatory landscape shifted in favor of stablecoin issuance following the GENIUS Act, signed in 2025. The law allows banks and other entities to issue stablecoins if they back the tokens with assets such as U.S. Treasuries and provide monthly disclosures of their reserves.
