Chainalysis report: India and the US lead global rankings for cryptocurrency adoption

Key points:

• India topped the cryptocurrency adoption ranking for the second year in a row.
• The US rose to second place thanks to regulation and bitcoin ETFs.
• The Asia-Pacific region became the fastest-growing market, with a 69% increase in transactions over the year.

India has strengthened its leadership in the global adoption of cryptocurrencies, significantly outperforming other countries in all indicators — from retail transfers to the use of DeFi. According to Chainalysis’ “The 2025 Global Adoption Index” report, the country ranks first in the rating for the second year in a row.

The US rose to second place, climbing two spots thanks to institutional investments and the launch of spot bitcoin ETFs.

Source: chainalysis.com

Top 20 countries for cryptocurrency adoption in 2025, according to Chainalysis

Chainalysis notes that cryptocurrencies are becoming an integral part of financial systems in developing countries, where they are used for money transfers, access to the dollar through stablecoins, and mobile payments. Pakistan, Vietnam, Brazil, and Nigeria have secured their places in the top 10.

How the global cryptocurrency market has changed

The Asia-Pacific region showed the highest growth in cryptocurrency activity: in the year leading up to June 2025, the volume of transactions increased by 69% and reached $2,36 trillion, compared to $1,4 trillion a year earlier. India, Vietnam, and Pakistan made the largest contributions.

By comparison, growth in North America was 49% and in Europe 42%. In absolute terms, Europe and North America lead with $2,6 trillion and $2,2 trillion in transactions, respectively.

“Our index shows that cryptocurrencies have already become an important element of the global economy — both in developed countries and in developing regions,” Chainalysis analysts emphasized in the report.

Source: chainalysis.com

Comparison of crypto activity growth rates by region: 2024 vs. 2025

New methodology and the influence of institutional investors

In 2025, Chainalysis updated its index calculation methodology. Retail DeFi transactions were excluded from the rating, and an institutional activity indicator was added. This allowed for a more accurate reflection of the growing participation of hedge funds, custodians, and financial companies.

The effect is particularly noticeable in the United States: after the approval of bitcoin ETFs, large transactions over $1 million accounted for a significant portion of the total volume.

Stablecoins and global trends

Stablecoins continue to be a key tool. USDT and USDC lead in terms of transaction volume, but smaller assets such as EURC and PYUSD showed the highest growth rate — up to 89% per month.

The growth in cryptocurrency adoption is evident in almost all income groups. Activity grew by 63% in Latin America and 52% in sub-Saharan Africa. In Eastern Europe, Ukraine, Moldova, and Georgia have become the leaders, where cryptocurrencies are used as an alternative to traditional financial systems.

Source: chainalysis.com

Top 20 countries by cryptocurrency adoption index in 2025, taking into account population size

According to the report, the trend of global cryptocurrency adoption is becoming increasingly universal: while developed economies used to lead the way, today it is the Global South that is shaping new use cases, from remittances to digital payments in local currencies.