According to a report by Chainalysis, stablecoin activity is also shifting away from the United States. The report suggests that the usage of North American stablecoins relative to other digital assets has been declining since around February 2023. Confidence in stablecoins such as Circle's USDC has been shaken following the collapse of Silicon Valley Bank, which had a significant risk exposure. The report states that most of the stablecoins flowing into the top 50 cryptocurrency services have shifted from US-licensed services to non-US licensed services. Despite US entities initially helping to legalize and nurture the stablecoin market, more and more cryptocurrency users are engaging in stablecoin-related activities through exchanges and issuers based abroad. Furthermore, this shift reduces US oversight of stablecoins pegged to the US dollar. Despite many bills proposed by cryptocurrency-friendly politicians, Congress has been slow to make progress in regulating and legalizing stablecoins. In summary, regulation of cryptocurrencies and stablecoins will play an important role in reversing the declining trend in North America.