Chainalysis finds the United States continues to dominate global tokenisation, while Canada has a robust peer-to-peer crypto economy.
According to Chainalysis’ latest Geography of Crypto report on North America, the region remained the world’s most influential crypto market. The US and Canada’s combined US$3.02 trillion crypto economy still topped Chainalysis’ “big-money index” despite a modest 1.9% dip.
The US economy contracted 2.2% to US$2.78 trillion while Canada’s US$247.7 billion economy bucked the trend and grew 2.3%.
The US Leads the World in Tokenisation
US Treasury bonds were the single-largest tokenised real-world asset (RWA) category in the 2026 period, accounting for US$15.42 billion on-chain, or 42.8% of all tokenised RWA value; the overall tokenisation market grew 135% period-over-period to US$36.07 billion.
However, ownership patterns reveal a split market. US holders make up 11.7% of the global tokenised RWA holder base, but tokenised Treasuries specifically are concentrated abroad: Italy holds 29.9% of geolocated tokenised Treasury value, Portugal 18.8%, and Singapore 18.2%, against just 10.5% for the US.
Morva Rohani, Executive Director of the Canadian Web3 Council, frames the policy implication directly: a holder outside the US buying tokenised Treasuries is creating demand for US government debt rather than their own government’s.
Lending data reinforces that Treasuries are held rather than deployed as collateral: wallets lending private credit grew 1,618%, and commodities lending grew 875%, while Treasury lending contracted 23%.
US-Built AI Agents Are Transacting at Scale
The US is also leading a separate, fast-emerging on-chain market: AI agents paying autonomously for services. By the end of the 2026 period, more than 138 million x402 transactions had occurred on Base, and over 87% of these registered as micropayments between a hundredth of a cent and a dime.
American-funded agents dominate the resulting market, holding a 30% share of geolocatable agent-to-service transactions overall, and 88.1% of model inference payments specifically.
Canada Leads the World in Peer-to-Peer Crypto
Chainalysis found that Canada had the most robust overall peer-to-peer (P2P) crypto economy among G7 nations, ranking seventh globally in both domestic and cross-border flows. Stablecoins drove much of this activity, climbing to 44% of Canadian dollar-based order-book volume by June 2026, up from 30% a year earlier, although this is dominated by USDC.
Rohani notes this creates a complication for domestic policy: buying US dollar stablecoins diverts demand away from Canadian government debt toward US debt instead.
Canada’s Remittance Corridors Are Growing Fast
Canada ranked first in the world for cross-border flows in Chainalysis’ big-money index, a strength Rohani links to immigration. The country has heavily used remittance corridors to India, the Philippines, Nigeria, Pakistan, and China.
Chainalysis measured US$2.36 billion in remittance-sized stablecoin and bitcoin transfers from Canada to India, China, and the Philippines alone in the 2026 period, with an average of 75,100 unique monthly senders and an average transfer size of US$663. These three corridors’ share of Canada’s total outbound cross-border stablecoin value nearly doubled, from 10.9% to 19.4%, year-over-year.
Taken together, Chainalysis frames North America’s story this period as one of infrastructure versus users: American institutions increasingly build and monetise the rails while demand for them is growing fastest outside the US, including in Canada.
Read the report here.
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