U.S. Accounted for $2.78 Trillion in North American Crypto Activity

The United States accounted for $2.78 trillion of North America’s $3.02 trillion in on-chain crypto activity over the 12 months ending July 1, as activity on Base showed growing use of automated payments. The regional figure extends earlier coverage of North America’s on-chain total, while newer x402 data tracks transactions over a longer period.

The regional total fell 1.9% from the previous reporting period, and U.S. activity declined 2.2%. Canada moved in the other direction, rising 2.3% to $247.7 billion.

The x402 payment protocol lets software make programmatic payments to online services. More than 138 million x402 transactions had taken place on Base by the end of the reporting period. Across a separate 16-month window ending in September 2026, more than 87% of payments were between $0.0001 and $0.10, with the largest share falling between $0.01 and $0.10.

Among geolocated transactions between AI agents and services, U.S. wallets accounted for 30%. Their share was 88.1% for AI model inference payments, 41.8% for agent frameworks and tool catalogs, and 23.2% for data and search APIs.

Of wallets first funded in the second quarter of 2026, 89.3% received more funding within 30 days. The comparable rate for the third-quarter 2025 group was 70.6%. Among wallets active on at least two days, the median wait for a first x402 payment was 73 days in late 2025 and 18 minutes in the third quarter of 2026. The figures cover an early-stage payment rail. BlackRock Head of Digital Assets Research Will Su said AI agents could create demand for “frequent, low-value payments around the clock.”

Cross-border Bitcoin transfers made the United States a net importer in 2026 for the first time since 2022. Transfers valued above $10 million accounted for 53,200 Bitcoin (BTC) entering the country, while transfers below $10,000 were net outbound. Separately, stablecoins represented a smaller share of U.S. crypto activity than in other regions.

Tokenized U.S. Treasuries accounted for $15.42 billion, or 42.8%, of the $36.07 billion global tokenized real-world asset market at the end of the second quarter of 2026. Italy, Portugal and Singapore had the largest shares of geolocated tokenized Treasury holdings by value; the United States held 10.5%.

In Canada, stablecoins made up 44% of Canadian dollar-based order-book volume in June 2026, up from 30% a year earlier. USD Coin (USDC) led that category. A separate measure combining stablecoin and Bitcoin transfers from Canada to India, China and the Philippines totaled $2.36 billion for remittance-sized transactions, a 141% increase from the prior year.