India leads 2025 global crypto adoption as APAC grows 69%. Chainalysis highlights global trends, stablecoins, and Bitcoin’s dominance.
India has taken the top spot in the 2025 Global Crypto Adoption Index, according to a new report by blockchain analytics firm Chainalysis. This is a significant development for the country, and it demonstrates its growing influence in the world of digital assets. The United States was second and Pakistan was third. Vietnam followed by Brazil in fourth and fifth place. The report illustrates how emerging markets are emerging as significant crypto adoption regions globally (Asia-Pacific or APAC).
India, Vietnam, and Pakistan Lead Surge in Crypto Transactions in APAC
Crypto usage in APAC has been the fastest-growing over the past year. From June 2024 to June 2025, on-chain transaction volume in the region was up 69 percent. This raised the total volume from 1.4 trillion dollars to 2.36 trillion US dollars. Much of this growth was fueled by high growth in India, Vietnam, and Pakistan. The number of users and transactions to both centralized exchanges and decentralized finance (DeFi) platforms increased.
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Latin America was not far behind. Crypto activity in the region increased by 63 percent. Sub-Saharan Africa grew as well, by 52 percent. Additionally, these regions have high levels of remittance and daily purchase transactions using crypto. This is an example of how digital assets are providing real financial services, in particular, in countries with underdeveloped banking systems.
The performance of India is quite exceptional in the report. The country was ranked as number one in all key areas, such as retail usage, institutional volume, DeFi volume, and centralized exchange usage. According to Chainalysis, India has completely integrated crypto into most areas of its financial system. In contrast, the US is also a leading participant in the crypto industry. Recent regulatory developments, including the approval of spot Bitcoin ETFs and the clarification of rules for institutions, have contributed to the increase in crypto adoption in traditional finance in the U.S.
Eastern Europe Leads in Grassroots Crypto Adoption
The North America and Europe regions still dominate total volumes, although APAC is leading by growth. North America saw more than 2.2 trillion US dollars in crypto transactions, while Europe saw more than 2.6 trillion. North America’s growth rate reached 49 percent, accelerated by increased interest from big investors. Growth in the EU was more modest, at 42 percent, but still healthy given its already high base. While the Middle East and North Africa (MENA) region also saw a 33 percent growth, it indicates a slower-than-normal rate of adoption in the region.
Chainalysis also published a version of the index that is adjusted for population size. This new version tells a different story. The Countries with the Highest Crypto Activity per Capita were: Ukraine, Moldova, and Georgia. We see a strong grassroots adoption in these Eastern European countries. With economic uncertainty, a lack of trust in banks and the high levels of digital literacy, people are increasingly turning to crypto. In these countries, digital assets are not only an investment vehicle but a practical means of remittance and value storage.
USDT and USDC Remain Top Stablecoins as Adoption Grows
The report also focused on stablecoins, which are cryptocurrencies that are meant to maintain stable value. USDT (Tether) and USDC are still the most popular stablecoins, but smaller ones like EURC and PYUSD are rapidly increasing. EURC, denominated in the euro, increased by nearly 89 percent month over month. This increase is related to new regulations in the European Union. Additionally, major companies such as Stripe, Visa, and Mastercard have started to accept stablecoins for payments, further increasing adoption.
Bitcoin is still the most popular way into crypto. During the last year, it received fiat inflows of over 4.6 trillion US dollars. The U.S. made the most fiat-to-crypto purchases, followed by South Korea and the European Union. Most fiat inflows in the UK and EU went to Bitcoin; in contrast, South Korea had a more even distribution of crypto assets.
In conclusion, the Chainalysis report reveals that crypto adoption is becoming more widespread worldwide. While high-income countries have robust regulations and financial systems in place, middle- and low-income countries may use crypto as a practical option. Despite all the differences, one thing is sure: crypto is becoming truly global money.
