The United States climbed to second place in Chainalysis’s 2025 Global Crypto Adoption Index, up from fourth last year, as clearer regulation around Bitcoin ETFs and stablecoins fuelled institutional activity. India held the top spot for a third consecutive year, and Chainalysis ranked the top 10 as: India, the United States, Pakistan, Vietnam, Brazil, Nigeria, Indonesia, Ukraine, the Philippines and Russia.
Chainalysis adjusted its methodology for 2025 to better reflect market realities, replacing a retail-DeFi sub-index with an institutional activity lens that counts transfers over $1 million. The shift underscores two coexisting trends: developed markets are seeing institution-driven flows as regulation clarifies, while many emerging economies continue to adopt crypto to meet real-world needs like remittances and savings.
Asia-Pacific was the fastest-growing region, with transaction volume up 69% year‑over‑year to $2.36 trillion, led by India, Pakistan and Vietnam. Chainalysis’ chief economist notes that grassroots demand in these countries is often driven by practical financial needs rather than speculation — and that adoption can persist even where local rules are restrictive.
Stablecoins also expanded sharply: USDT processed more than $1 trillion monthly, and USDC’s reported monthly volume ranged from $1.24 trillion to $3.29 trillion in the measured period. In the U.S., regulatory moves including the passage of the GENIUS Act have encouraged payment firms and banks to pilot stablecoin products, opening new rails for payments and corporate use cases.
Bitcoin remained the primary on‑ramp, accounting for over $4.6 trillion in fiat inflows over the year. The U.S. dominated fiat on‑ramping with more than $4.2 trillion, illustrating how regulatory clarity can attract large-scale capital and product innovation.
Why this matters: clearer rules can redirect institutional capital, speed product development (stablecoins, payments rails) and deepen infrastructure. But flows tied to ETF demand and macro cycles can be volatile, and adoption patterns in emerging markets remain sensitive to local policy and tax regimes. Source: Decrypt. Read the original coverage for full details.