Gate News message, April 23 — According to TRM Labs’ Q1 2026 research report, global cryptocurrency retail adoption showed signs of contraction, with total global retail volume reaching $979 billion, down 11% from the same period in 2025. The crypto market has now experienced two consecutive quarters of decline.
The top five countries by crypto activity remained largely unchanged: the United States led with $212 billion, followed by South Korea ($69 billion), Russia ($48 billion), India ($46 billion), and Turkey ($40 billion), which entered the top five with 7% year-on-year growth. India proved the most resilient, declining only 6%, while developed markets saw steeper contractions—South Korea lost 28% of its volumes and Germany fell 25%, the largest year-on-year drops. The report noted a stark divergence: developed markets experienced slower adoption as interest shifted toward established capital markets and precious metals, while emerging markets continued leveraging crypto as a critical payment system.
Stablecoin adoption emerged as a key growth driver in Q1. Venezuela climbed to 17th globally with $19.7 billion in activity, primarily focused on stablecoin usage for value storage and cross-border transactions. Euro-denominated stablecoins saw particularly strong growth, surging 12 times from January 2025 to March 2026 and reaching $777 million monthly, reflecting efforts to diversify dollar-dominated crypto liquidity.
TRM Labs attributed the divergence to geopolitical factors and local monetary conditions. In developing regions with restrictive or inadequate domestic monetary policy, stablecoins provided a secondary layer for storing value and conducting dollar-based payments. Notably, Iran experienced a notable slowdown due to escalating sanctions and ongoing conflict, compounded by the loss of local exchange access. The report concluded that crypto markets in Q1 became more responsive to broader geopolitical risks, trading no longer as an isolated asset but as part of the global risk environment.
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