Chainalysis’ 2025 Global Crypto Adoption Index shows India leading worldwide, with the United States rising to second as institutional flows accelerate after spot bitcoin ETFs were approved. The report highlights how both grassroots activity and institutional on‑ramps are reshaping crypto use.
Asia‑Pacific was the fastest‑growing region, with on‑chain transaction volume up 69% year‑over‑year to $2.36 trillion, fueled by heavy activity in India, Pakistan and Vietnam. Latin America grew 63% and Sub‑Saharan Africa 52%, while North America and Europe still received the largest absolute inflows ($2.2T and $2.6T, respectively).
Stablecoins remain central to global crypto flows. Tether (USDT) and Circle’s USDC continue to dominate monthly transactions, even as euro‑backed EURC surged nearly 90% month‑over‑month to $7.5 billion and PayPal’s PYUSD rose to $3.95 billion. Payment networks like Visa and Mastercard are rolling out stablecoin‑linked products, expanding on‑ and off‑ramp options.
Bitcoin remains the primary fiat on‑ramp, attracting a combined $4.6 trillion in inflows between July 2024 and June 2025—more than twice the next category. The U.S. led fiat on‑ramp activity with $4.2 trillion, about four times South Korea’s level.
Chainalysis notes adoption rising across high‑, middle‑ and low‑income countries, though lower‑income economies are more exposed to shocks and regulatory risk. Broader adoption can improve liquidity and network effects, but it does not guarantee price stability or regulatory certainty—risks that firms and users should monitor.
Why it matters: the data points to a maturing market where retail demand, cross‑border payments and institutional products converge. Stablecoin regulation, custody practices and payment‑rail integrations will be key to how quickly on‑ramps broaden and how resilient those flows prove.
Source: Chainalysis. Read the original coverage for full details.
