Western Europe’s cryptocurrency market churned through $2.08 trillion in transaction value in the 12 months through June, edging up 1.2% while most of the world contracted, according to a Chainalysis report released Nov. 9. The region now ranks as the second-largest crypto economy globally, trailing only a handful of larger hubs, and was one of just three areas to post growth, alongside Sub-Saharan Africa and Latin America.

The headline number understates the more striking shift underneath it: stablecoin balances held in personal wallets across Western Europe jumped 131%, more than double the 52% global pace. That lifted the region’s share of worldwide stablecoin holdings to 5.1% from 3.4% a year earlier, with Austria and France among…