The global crypto economy proved more resilient than asset prices during the 12 months ended June 30, 2026. Total crypto market capitalization fell about 50%, a $2.1 trillion contraction that marked the worst bear market since the collapses and scandals of 2022, while measured on-chain economic activity declined just 1.6%, from $9.5 trillion to $9.4 trillion. The report attributes that resilience to expanding use cases beyond investment speculation, including payments, savings, remittances, trading and business settlement. Bitcoin reached an all-time high during the period before suffering its largest-ever dollar-value retreat, losing $67,000 from peak to trough. Brazil ranked first globally for grassroots crypto adoption, with a $252.5 billion crypto economy and top-four rankings across all four measures in the new index: second in cross-border flows, third in service flows, third in domestic peer-to-peer activity and fourth in on-chain balances. The index evaluates 117 countries using service flows, domestic peer-to-peer transfers, cross-border flows and balances. Retail transfers grew sharply, with transfers below $100 rising 78.4% and transfers of $100 to $1,000 increasing 58.6%, while transfers of $1 million or more fell 7.2%. Cross-border stablecoin transfers, involving dollar-pegged crypto tokens, rose 77.5% to $220.3 billion, and estimated monthly volumes more than doubled from $11 billion in January 2025 to $24 billion in June 2026. Peer-to-peer activity between personal wallets rose 302.9% to $228.7 billion, even as flows into exchanges, DeFi protocols and other services fell 4.3% to $8.90 trillion. Stablecoin balances remained relatively stable through the drawdown, while other crypto balances fell 55.6%. Latin America grew its crypto economy 9.8%, Sub-Saharan Africa led growth through peer-to-peer activity, and the report says stablecoins increasingly function as an anchor during market stress.