Brazil tops global crypto adoption index as crypto economy weathers bear market: Chainalysis

Brazil topped Chainalysis’ 2026 Global Crypto Adoption Index for grassroots crypto adoption, ranking ahead of the US, Nigeria and Japan based on data covering the 12 months through June 30, 2026.

The country recorded more than $252 billion in crypto economic activity and ranked second in cross-border flows, third in total service flows, third in domestic P2P activity and fourth in on-chain balances.

Chainalysis said Brazil’s consistent performance across categories helped it rank ahead of larger established markets.

The ranking comes as global crypto activity proved resilient during the latest bear market. Crypto’s total market capitalization fell roughly 50%, a $2.1 trillion contraction, but on-chain economic activity dropped modestly to $9.4 trillion.

The period marked the worst crypto bear market since 2022, yet the decline in economic activity was far smaller than the decline in asset values.

Meanwhile, retail-sized transfers increased sharply, with transactions below $100 rising about 78% and transfers between $100 and $1,000 climbing nearly 59%. Transfers of $1 million or more declined by about 7%.

Stablecoins increasingly supported activity that was less sensitive to crypto prices during the period. According to Chainalysis, cross-border stablecoin transfers rose 77.5% from to more than $220 billion, while estimated monthly volumes increased from $11 billion to $24 billion.

The average cross-border transfer was about $3,000, suggesting that payments, remittances and savings accounted for a significant portion of the activity.

Peer-to-peer transfers also expanded sharply. Value moving into exchanges, DeFi and other crypto services fell about 4%, while domestic P2P transfers surged nearly 303%. Stablecoin service inflows increased around 5%, while stablecoin P2P activity jumped approximately 378%, accounting for 96% of domestic P2P transfers.

Stablecoin balances remained comparatively stable during the downturn. Total measured on-chain balances fell from $860 billion in September 2025 to $440 billion in June 2026, while stablecoin balances held between $98 billion and $109 billion.