According to Woofun AI, the US re-established itself as a net importer of BTC in 2026, a trend reversed for the first time since 2022; at the same time, the rest of the world saw a massive influx of dollar-linked stablecoins. Chainalysis's “2026 Cryptocurrency Geographic Distribution Report” (the statistical period is 12 months ending July 1) revealed this structural differentiation: US users prefer BTC because they already hold fiat currency, while overseas users who lack US bank accounts urgently need 'digital dollars' as a payment medium.
Woofun AI collated data showing that this asset preference divide is widening dramatically. In the constructed Bitcoin index, the US scored as high as 0.96 in 2026, far surpassing the rest of the world at 0.52. The gap between the two widened to 0.44, compared to 0.09 in 2024. Stablecoin-related metrics showed the complete opposite pattern: the rest of the world scored 1.00, the US scored 0.56, and the gap in 2024 was just 0.05.
This data clearly outlines the polarization between America's internal pursuit of scarce assets and global dependence on the dollar's liquidity.
Going deep into the US market, Will Sue, head of digital asset research at BlackRock (BLK.US), pointed out that as global government debt and spending continue to reach new highs, investor interest in BTC as a currency alternative remains strong. Chainalysis' Flow data confirms the characteristics of this institution's fund-raising and retail outflow: in each statistical cycle, the majority of BTC transactions originating from the US are under 10,000 US dollars;
However, a single transfer of over $10 million resulted in a net inflow of 53,200 BTC. This indicates that the retail side is exporting assets to the outside world, while the institutional side is centrally allocating them domestically, and its decisions are dynamically adjusted according to market sentiment.
The US dollar's hegemony in the global stablecoin ecosystem is unshakable. In exchange order books, tokens linked to the US dollar account for 99.1% of stablecoin trading volume, and despite the EU's introduction of the EU Crypto Asset Market Regulation (MiCA), tokens supported by the euro only account for 0.45%. Since stablecoin reserves are mostly short-term US Treasury bonds, overseas demand for 'digital dollars' directly translates into demand for US Treasury bonds.
Notably, Italy, Portugal, and Singapore even surpassed the US in terms of holdings of US Treasury bonds in the form of tokens. Although Singapore and Hong Kong have introduced stablecoin regulatory frameworks, regulations are still being enacted faster than user demand, showing a misalignment between regulation and the market.