USDC cross-border payments, by country 2024| ��ƽ��

Top 5 countries with the highest cross-border transaction volume in Circle's stablecoin USD Coin (USDC) from 3rd quarter 2023 to 2nd quarter 2024

Territory	USDC sent from the territory (in billion U.S. dollars)	Share in total Bitcoin inflow worldwide (%)	USDC received by the territory (in billion U.S. dollars)	Share in total Bitcoin outflow worldwide (%)
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-
-	-	-	-	-

Download

Source

Show detailed source information?

Already a member?

Sources

Release date

May 2025

More information

Region

Worldwide

Survey time period

May 2025

Special properties

All figures are estimates, and have been calculated by the source. See the "Details" tab for more information.

Supplementary notes

Cryptocurrency transactions by country are not publicly known. During a cryptocurrency transaction, the blockchain ledger shows the (coded) address of a receiver and a sender. However, a blockchain address does not show specific information like who is the owner behind the address or where the transaction is coming from/going to. This is deliberate, as the likes of Bitcoin were originally designed to go against banks and global financial systems. All figures on cryptocurrency transactions, from any source, are therefore estimates - and are likely to remain that way for years to come. The source of the figures shown here acknowledges this as well.

The source combines three elements to get to the current estimates:

On-chain exchange flows, for instance from one provider to another. These figures come from ;
Aggregate crypto app downloads and usage figures, per country. The source listed as their provider;
Entity flow data from , a source that assigns weights to particular countries based on web traffic.

The source did not clarify what apps it focused on, and whether these included domestic-only apps or whether it only looked at apps that were globally available. For instance, Binance TR is used significantly more in Turkey than the global version of Binance. Additionally, not all apps, such as decentralized exchanges, are available for tracking.

The source mentioned that Chainalysis used a wider definition of crypto flows than Iknaio. Its figures, for example, could include miners.

Citation formats

Turkey was considered an important market for international USDC transactions, making up nearly percent in both inflows and outflows. This is according to calculations using exchange flows on the blockchain against country-level figures from app tracking and website traffic. Cryptocurrency transactions are a relatively uncharted topic in 2025, as blockchain technology does now show who sends/receives a transaction, from/to where a payment is headed, and why money is transferred. Consumer surveys from different central banks worldwide stated that the market share of cryptocurrency in day-to-day payments was relatively low. Indeed, the most common use case for cryptocurrency in the United States was investments, rather than payments.