CNWE Rises as Second-Largest Crypto Economy Globally

Central, Northern, and Western Europe (CNWE) accounted for 22% of global crypto volume between July 2023 and June 2024, according to Chainalysis.

CNWE: A Leading Crypto Economy

CNWE has emerged as the second-largest crypto economy globally, receiving $987.25 billion in on-chain value during this period. This represents more than 21.5% of the total global transaction volume, with most CNWE countries experiencing a year-over-year growth rate of 44%. The United Kingdom is at the forefront of this trend, contributing $217 billion to the region’s total and ranking 12th in the global crypto adoption index.

Bitcoin’s Performance in CNWE

Bitcoin (BTC) recorded nearly 75% growth for transactions below $1 million, making it the highest-performing asset type in the region. Across all transaction sizes, BTC accounted for $212.3 billion, roughly one-fifth of CNWE’s total value received on-chain.

“Across all transaction sizes, BTC accounted for $212.3 billion — roughly one-fifth — of CNWE’s total value received on-chain.”

Stablecoins vs. Bitcoin for Small Transactions

In contrast, Bitcoin’s performance in smaller transactions lagged behind that of North America, with stablecoins making up nearly half of CNWE’s total inflows at $422.3 billion. Stablecoin purchases using fiat currency in the region significantly outpaced Bitcoin, with the euro accounting for 24% of stablecoin purchases compared to just 6% for BTC.

Stablecoins in the UK Market

The UK, which recorded a growth rate of 58.4%, sees stablecoins dominating the merchant services market, consistently holding a 60-80% market share. The demand for stablecoins continues to rise, particularly as businesses in inflation-affected economies like Argentina seek financial stability through crypto amid challenges posed by traditional currencies.

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