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Grayscale estimates that the United States accounts for roughly 15–20% of global crypto activity, despite leading several major infrastructure measures. The firm argues that adoption will continue beyond the outcome of next week's midterm elections.
Research head Zach Pandl published the assessment on October 28, drawing on data covering ownership, payments, blockchain activity and infrastructure. The figures show a broad gap between the country's role in network operations and its share of everyday crypto use.
Bitcoin mining holds the highest US reading in Grayscale's chart, at 36% of global hashrate. Ethereum full nodes follow at 31%, while onchain transaction value reaches 26%.
US stablecoin payment value accounts for 24% on the chart. Merchant payment transactions represent 22%, and developers account for another 21%. Each figure tracks a different aspect of crypto activity.
The percentages decline across other categories. Solana stake stands at 17%, cross-border flows at 16%, and spot trading volume at 15%. Protocol website visitors account for 14%.
That leaves a 24-percentage-point difference between Bitcoin mining and mobile wallet use, the chart's highest and lowest readings. The Bitcoin mining share is three times the wallet figure, using Grayscale's rounded estimates.
Crypto holders, stablecoin holders and exchange website visitors each register a 13% US share. Mobile wallet users rank lowest at 12%. Grayscale uses all these figures to estimate the country's overall place in global activity.
Across the indicators, the median US share stands at 16%, compared with a mean of 19%. Those readings support the firm's approximate 15–20% range. The estimates do not represent one uniform measure of crypto adoption.
The underlying data span 2023 through 2026, depending on the category. Grayscale compiled the chart as of October 2026. Its sources include A16Z, Kaiko, Chainalysis, Electric Capital, CoinGate, Phantom, and the Bank for International Settlements. Other sources include Forbes, Triple-A, Solana, TRM Labs, McKinsey/Artemis and Hashrate Index.
Some geographic and platform limits also apply. Crypto-holder and stablecoin-payment estimates cover North America rather than only the United States. The stablecoin-holder figure draws solely on Phantom Wallet, while merchant payment counts come from CoinGate.
A separate 2025 Cambridge study found that 75.4% of surveyed Bitcoin mining activity took place in the US. Canada accounted for another 7.1%. Yet its results measure participating companies, not every miner worldwide.
The survey included 49 firms operating in 23 countries. Together, they represented about 48% of the network's hash rate during data collection. Cambridge warned that strong American participation likely overstated the US share. Researchers also noted activity in South America, the Middle East and Northern Europe, although North America remained the primary region in their survey.
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Will next week's election determine whether crypto use continues to spread? Pandl argues that adoption extends beyond American politics, pointing to users from both major parties and participation by established financial firms.
He also cited bipartisan support for legislation and institutional work involving stablecoins, tokenized funds, and exchange-traded products. His assessment links those developments to continued adoption regardless of the midterm result.
Meanwhile, US agencies have advanced separate crypto measures. The Office of the Comptroller of the Currency finalized GENIUS Act rules on October 21. They cover stablecoin reserves, redemptions, risk management, and supervision, with an effective date of January 18, 2027.
The Federal Reserve released proposals on September 24 concerning reserve backing and applications from insured state member banks. Those proposals address banks seeking to issue stablecoins through subsidiaries.
Market-structure legislation faces another hurdle. On September 15, the Senate voted 49–50 against opening debate on the CLARITY Act. That vote blocked consideration at that stage; it did not decide the bill's final passage.
Grayscale's indicators place the US at roughly 15–20% of global crypto activity, with stronger shares in mining and node infrastructure than in wallets or ownership. The figures have different dates and geographic limits. Meanwhile, stablecoin rules have advanced even as the CLARITY Act faces a Senate obstacle.