Central, Northern, and Western Europe have become the second-largest cryptocurrency economy in the world, accounting for 22% of global cryptocurrency volume between July 2023 and June of this year, according to a report by Chainalysis. The region received $987.25 billion in on-chain value during this period, representing 21.5% of the global transaction volume. The United Kingdom leads the region's crypto adoption, contributing $217 billion to the total. Bitcoin experienced significant growth in smaller transactions, but stablecoins, particularly those purchased with fiat currency, dominated the region's inflows. The demand for stablecoins in the region continues to rise, driven by businesses seeking financial stability amid economic challenges.



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