A national survey conducted by Ipsos for the DeFi Education Fund reveals that while 22% of U.S. adults have ever owned or used cryptocurrency, up from 18% in 2025, active usage remains stagnant at 13%. The increase in lifetime adoption is driven primarily by lapsed users; among those who haven't used crypto in the past year, the share who had previously tried it doubled to 11% from 5%. Future purchase intentions are also flat, with only 17% likely to own or use crypto, compared to 16% last year. Demographic analysis shows men are more than twice as likely as women to have used crypto recently (18% vs. 8%), and curiosity remains the top motivator for initial trial.
The study highlights a significant disconnect between dissatisfaction with traditional finance and trust in crypto alternatives. Only 19% of respondents believe the current financial system is secure, while 63% argue it requires upgrades to combat threats like AI and cybercrime. Despite this skepticism toward banks, trust in crypto exchanges remains extremely low, with just 4% expressing high confidence, compared to 42% for large national banks. Credit unions lead institutional trust at 48%, though this figure declined five points from the previous year.
Knowledge gaps persist regarding decentralized finance (DeFi). Only 2% of Americans are very familiar with DeFi, yet 40% say they would be at least somewhat likely to try it if available. However, interest in learning about specific crypto sectors has slipped: the share wanting to learn about stablecoins fell to 7% from 11%, and DeFi education interest dropped to 8% from 11%, even after the GENIUS Act established federal rules for stablecoins. The survey polled 1,545 adults from Sept. 8 to 16, using the same probability-based panel as the Federal Reserve’s household finances survey.
The data suggests that crypto adoption in the U.S. has entered a phase of churn rather than growth. While lifetime ownership numbers rise, the stagnation in active usage indicates that many early adopters are exiting the market without being replaced by new, committed users. This pattern challenges the narrative of steady mainstream integration, revealing instead a volatile user base where curiosity-driven trials often fail to convert into sustained engagement. The demographic skew toward male users further limits the potential for broad-based retail adoption in the near term.
From a Credibility perspective, the stark contrast between distrust in traditional banking security and low trust in crypto exchanges highlights a critical barrier to institutional adoption. Consumers recognize vulnerabilities in legacy systems but do not view crypto infrastructure as a safer alternative, possibly due to high-profile security incidents involving hardware wallets and concerns over cryptographic resilience against AI advancements. The declining interest in educational resources on stablecoins and DeFi, despite regulatory clarity from the GENIUS Act, implies that policy progress alone is insufficient to overcome consumer apathy or skepticism regarding practical utility and safety.
