According to a study, crypto adoption is slowing in developed economies

The use of digital assets enters a more contrasted phase after several quarters marked by dynamic global activity. According to a TRM Labs study, cryptocurrency adoption slowed in the first quarter of 2026, especially in developed economies. This evolution shows a more selective crypto market, where local needs, digital payments, economic conditions, and geopolitical tensions increasingly influence user behaviors.

The crypto market slows in developed economies

According to the latest global index from TRM Labs, retail activity related to cryptocurrencies declined in the first quarter of 2026. Global volumes reached $979 billion, down 11% compared to the same period in 2025. This decline also confirms a second consecutive quarter of contraction.

Bitcoin also fell by about 22% over the quarter, trading around $68,000. A movement that, according to the same report, reflects its increased sensitivity to macroeconomic conditions and global risk aversion phases.

However, large economies remain at the center of the market. The United States still leads the ranking with $212 billion in activity. It is followed by South Korea, totaling $69 billion, then Russia with $48 billion. India follows with $46 billion, while Turkey reaches $40 billion.

However, the crypto slowdown appears more pronounced in developed countries. The analysis indicates that these markets already have solid financial systems, diverse investment products, and more structured regulations. Consequently, users can more easily turn to stocks, bonds, or precious metals.

South Korea illustrates this trend with a 28% annual decline. Germany also shows a considerable decline, estimated at 25%. These contractions indicate weaker demand for risky assets. They also reflect increased caution among individuals in volatile markets.

Stablecoins and digital payments support usage

The slowdown does not affect all regions with the same intensity. In several emerging economies, adoption remains more resilient. India records a limited decline of 6%, placing it among the quarter’s strongest markets. Turkey, for its part, grows 7% year-on-year and enters the global top 10.

This difference mostly comes from usage. In these countries, crypto is not only used to speculate on prices. It also helps transfer money, store value, and facilitate certain payments. Stablecoins thus play a central role in this dynamic.

These digital assets, often pegged to the dollar or euro, meet concrete needs. They allow faster exchanges between individuals and support cross-border payments. In some markets, they also serve as an alternative when the local currency remains unstable.

Venezuela provides a notable example. The country ranks 17th worldwide with $17.9 billion in activity. Local usage focuses mainly on stablecoins rather than speculative trading. P2P payments, notably via Binance, occupy a significant place in these exchanges.

Euro-backed stablecoins are also advancing in the crypto landscape. Their use has multiplied twelvefold between January 2025 and March 2026. They now reach $777 million in monthly volume. This evolution shows a search for more diversified liquidity, beyond assets linked solely to the dollar.

Geopolitical risks and regulation reshape the crypto adoption map

The differences between regions can also be explained by geopolitical tensions. Sanctions, conflicts, and local restrictions can limit access to platforms. They thus influence usage, especially in countries under strong economic pressure.

Iran illustrates this vulnerability. Cryptocurrency usage in Iran slowed in the first quarter of 2026 due to sanctions and difficulties affecting certain platforms like Nobitex following U.S. and Israeli strikes, as well as sanctions imposed on Zedcex and Zedxion. This situation shows that adoption remains sensitive to political decisions.

In developed economies, regulation also weighs on the market. A clearer framework can reassure institutions, but it can slow some retail usage. The crypto sector is therefore moving towards a more regulated and selective phase. Thus, the future will depend on economic conditions, local rules, and the real needs of users. Usage related to payments and stablecoins could remain stronger in emerging markets.