Chainalysis Explains Why US Is Hoarding Bitcoin While the World Buys Its Dollars

The US is hoarding Bitcoin (BTC), turning net importer in 2026 for the first time since 2022, while the rest of the world buys dollar stablecoins, Chainalysis data shows.

The 2026 Geography of Crypto report covers the 12 months to July 1. Chainalysis ties the split to need, since Americans already hold dollars and users elsewhere want them without a US bank account.

Why Is the US Hoarding Bitcoin While Everyone Else Wants Dollars?

Chainalysis pooled on-chain service inflows, order book volume, and cross-border position into one Bitcoin index. The US scored 0.96 in 2026 against 0.52 elsewhere, a lead of 0.44 that stood at 0.09 in 2024.

The stablecoin index runs the other way. The rest of the world scored 1.00 and the US 0.56, a deficit that was 0.05 in 2024.

US hoarding Bitcoin while rest of world adopts stablecoins, Chainalysis index finds: Source: Chainanlysis

Americans, meanwhile, treat Bitcoin as a scarce store of value. Will Su, Managing Director and Head of Digital Assets Research at BlackRock, described that demand to Chainalysis.

“Investor interest in bitcoin as a monetary alternative remains strong, particularly as government debt and spending reach new highs globally.”

Will Su, BlackRock, via Chainalysis

Flow data fits the pattern. Transfers below $10,000 left the US on net each period, yet those above $10 million alone brought in 53,200 BTC. Chainalysis describes retail sending Bitcoin out and institutions bringing it in.

Which Trade Lasts Longer?

Chainalysis says Bitcoin accumulation depends on institutions’ allocation decisions, which shift with market sentiment. Users who adopt digital dollars, it argues, are unlikely to turn back.

Dollar-pegged tokens account for 99.1% of stablecoin volume on exchange order books. Euro-backed tokens hold 0.45%, despite the European Union’s Markets in Crypto-Assets (MiCA) rules for stablecoin issuers.

The crypto economy of the US and Canada has almost doubled in the past 2 years. Source: Chainanalysis

Stablecoin reserves sit largely in short-dated US government debt, so overseas demand for digital dollars becomes demand for Treasuries. The pattern repeats in tokenized Treasury demand, where Italy, Portugal, and Singapore each hold more value than US holders.

Singapore and Hong Kong have introduced stablecoin licensing frameworks, yet Chainalysis says rules have moved faster than users.