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Plummeting Institutional Crypto Trading Volume in North America: The Impact of U.S. Bank Failures

Institutional crypto trading volume in North America experienced a significant decline following a series of high-profile U.S. bank failures in March. These failures, which included banks such as Silicon Valley Bank, Signature Bank, and Silvergate, had a profound impact on the crypto industry, particularly in terms of accessing US dollar liquidity. As a result, crypto businesses were forced to seek banking support offshore, leading to a contraction in crypto activity in the region. One notable consequence of this shift was the loss of presence for stablecoins in North America, with the region's share of crypto volume occupied by stablecoins dropping from 70.3% to 48.8% between February and June. This decline in institutional crypto trading volume highlights the challenges faced by the industry in the wake of banking failures, and raises questions about the future of stablecoins in North America.
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