Trump's Policies Spark $2.3T Crypto Surge in North America

North America led global cryptocurrency transactions in 2024-2025, with $2.3 trillion in total value processed, representing 26% of all crypto activity. This figure was driven by the United States and Canada, which saw significant institutional and retail adoption, particularly in December 2024, when the region received a record $244 billion in a single month, largely in stablecoin transfers. The surge was linked to the election of Donald Trump in November 2024, which created expectations of favorable regulatory shifts and a more crypto-friendly policy environment. Additionally, monetary easing in the fourth quarter of 2024 contributed to heightened risk appetite and trading volumes.

The region's dominance was further amplified by the growth of institutional participation, particularly through spot bitcoin ETFs. The approval of these ETFs in the U.S. in 2024 led to increased institutional engagement, with U.S.-listed bitcoin ETFs amassing over $120 billion in assets under management (AUM) by mid-2025. This growth was instrumental in integrating crypto assets into traditional financial portfolios, with more than $120 billion of the global $179.5 billion in bitcoin ETF AUM tied to U.S. products. The ethereum ETF market also showed promising growth, with AUM reaching $24 billion.

In parallel, the tokenization of real-world assets, particularly U.S. treasuries, gained traction. Tokenized money market funds holding U.S. treasuries saw their AUM nearly quadruple from $2 billion in August 2024 to $7 billion in August 2025. This development highlighted growing demand for yield-bearing, on-chain assets in a high-interest-rate environment. Tokenized treasuries were increasingly used as collateral in DeFi protocols and by fintechs, further embedding crypto into traditional financial systems.

North America's crypto activity was marked by significant volatility, driven by institutional trading strategies and active capital flows. For example, between September 2024 and June 2025, the region's monthly transaction growth rates fluctuated widely, from a 35% decline in September to an 84% spike in November. This volatility contrasted with the more stable adoption patterns seen in other parts of the world, where crypto use tended to be more utility- and remittance-driven. North America’s higher concentration of institutional activity and active trading strategies contributed to its sensitivity to macroeconomic signals and short-term market sentiment.

Regulatory changes under the new administration further supported institutional adoption. The U.S. Securities and Exchange Commission (SEC), Office of the Comptroller of the Currency (OCC), and Commodity Futures Trading Commission (CFTC) removed restrictive guidance, enabling broader institutional participation in crypto markets. In July 2025, President Trump signed the GENIUS Act, introducing a two-tier regulatory approach for stablecoins. The act reinforced the U.S. dollar's dominance in global finance by establishing federal oversight for stablecoins with market capitalizations exceeding $10 billion. These regulatory shifts were expected to strengthen the U.S. as a hub for institutional crypto engagement.

The proliferation of stablecoins underscored the U.S. dollar's role in global finance. In 2025, stablecoin transfer volumes frequently exceeded $2 trillion per month, with peaks nearing $3 trillion. The GENIUS Act and other regulatory measures sought to maintain the dollar’s influence in the digital economy, leveraging stablecoins to facilitate global financial transactions.