Chainalysis ranked Brazil first among 117 countries in its redesigned 2026 Global Crypto Adoption Index, ahead of the United States, as the global crypto economy’s measured on-chain activity declined just 1.6% to $9.4 trillion despite a $2.1 trillion, roughly 50% drop in market capitalization. Brazil’s crypto economy reached $252.5 billion in the 12 months through June 30 and ranked in the top four across all index categories, including second in cross-border flows and third in service flows and domestic peer-to-peer activity. The United States led in service flows and balances but ranked 11th in cross-border flows and 20th in domestic peer-to-peer transfers, placing second overall. Cross-border stablecoin flows rose 77.5% to $220.3 billion and domestic peer-to-peer transfers increased 302.9% to $228.7 billion, while Latin America’s crypto economy grew 9.8% to $593.8 billion. Brazil had ranked fifth in the firm’s 2025 index, which India led, although Chainalysis said its rebuilt methodology makes the two rankings not directly comparable.