Global crypto app usage falls 40% as stablecoins hold

Orbital has published research showing that global crypto app usage fell by almost 40% between January 2025 and June 2026.

The study found that 19 of 80 markets either held steady or grew during the downturn.

The data points to a widening split between speculative crypto trading and the use of stablecoins for day-to-day financial needs. Markets that proved more resilient were generally those where consumers use digital assets to access dollars, move money or work around weaknesses in local banking systems.

According to the index, crypto app monthly active users peaked in January 2025 and then declined steadily. By the time Bitcoin reached its October 2025 high, app usage had already fallen about 15% from its earlier peak, suggesting consumer interest had weakened before prices turned.

The strongest gains came from a relatively small group of countries. Venezuela recorded 55.1% growth in usage and reached crypto app penetration of 21.3% of the internet-enabled population, while Angola nearly doubled its user base.

These markets were concentrated in economies where access to US dollars is limited or where domestic financial systems do not fully meet consumer needs. Orbital's analysis found that inflation alone was not a reliable guide to adoption, with currency instability and access to dollars appearing to matter more.

Where Users Fell

The sharpest declines were recorded in markets that had seen heavier retail speculation during the previous run-up in prices. Nigeria fell 59.6%, Brazil 53.6%, the United States 50.9%, Türkiye 49.6%, the United Kingdom 48.6% and Pakistan 46.5%.

This suggests the downturn drove out a large share of users whose activity was tied more closely to market sentiment than to routine payments or savings. By contrast, countries where digital dollars served a more immediate need were more likely to retain users.

The index draws on blockchain transaction data from Artemis and app usage data from Sensor Tower across 80 markets. Retail payments activity was assessed using publicly available blockchain transfers under USD $10,000 as a proxy for consumer-scale transactions, while adoption levels were normalised against messaging app users to compare countries of different sizes.

The findings suggest stablecoin demand is proving more durable where it serves a practical purpose rather than a trading one. Orbital described the current bear market as a test of whether digital assets solve real problems for users.

Practical Use

In several of the more resilient markets, stablecoins are used less as speculative assets and more as a way to hold dollar value or transfer funds. That includes places where local currencies are unstable, banking access is limited or obtaining US dollars is difficult.

The distinction is becoming more important as the sector works through a prolonged slump in activity. A broad fall in user numbers would normally point to shrinking interest across the board, but Orbital's figures indicate a more uneven picture in which specific use cases remain intact.

Luke Wingfield Digby, co-founder of Orbital, commented on the findings.

"Rather than killing crypto usage outright, the bear market has cleared out the hype and left behind the parts people actually use," said Luke Wingfield Digby, co-founder of Orbital.

"Orbital's analysis suggests this base of utility is likely to serve as the floor for the next cycle, with speculative demand building on top of it later," Digby said.