India Leads Global Crypto Adoption, Closely Followed by the United States

This represents a significant jump from the same period in 2024, positioning the region as the fastest-growing digital assets market in the world.

South Asia saw an 80% increase in cryptocurrency adoption between January and July 2025, with India maintaining its position as the world’s leading adopter for three consecutive years. The United States, Pakistan, Philippines and Brazil follow in the world rankings. according to to the TRM Labs Crypto Adoption and Stablecoin Usage Report 2025 released on Tuesday.

Transaction volumes in South Asia, encompassing India and Pakistan, reached around $300 billion in the first seven months of 2025. This represents a significant jump from the same period in 2024, positioning the region as the fastest-growing digital assets market in the world.

The US market showed strong expansion, with crypto trading volume increasing by around 50% to exceed $1 trillion in the first seven months of the year. Regulatory developments, including the passage of the GENIUS Act and the White House’s 180-day digital assets Reportsupported this growth trajectory.

Stablecoins have become one of the driving forces behind the global adoption wave, accounting for approximately 30% of total crypto trading volume. In August 2025, stablecoin transactions reached a record $4 trillion, an 83% year-over-year increase. Tether and Circle held approximately 93% of the total stablecoin market capitalization.

Retail adoption accelerated significantly throughout the period. Retail transactions jumped more than 125% between January and September 2025 compared to the same period in 2024, highlighting the growing role of individual users in shaping the industry.

The rise of the retail business has focused on practical applications such as payments, remittances and preserving value during periods of economic volatility. TRM Labs noted that adoption patterns varied widely across different jurisdictions, with some regions experiencing growth due to regulatory clarity, while others were growing despite formal restrictions or outright bans.

Bangladesh ranked 14th in the world for crypto adoption despite maintaining restrictive policies since 2014. The country’s central bank has issued several warnings However, ongoing capital controls and limited access to foreign currencies have made digital assets an attractive alternative for people looking for options beyond traditional financial systems.

North African countries, including Algeria, Egypt, Morocco and Tunisia, showed similar trends. All four countries rank in the top 50 in global adoptions despite banning or restricting cryptocurrencies, ahead of several countries with permissive regulatory frameworks.

The Financial Stability Board and the International Monetary Fund concluded as of September 2023, blanket bans have proven to be ineffective and have often incentivized people to use cryptocurrencies. TRM Labs reinforced this conclusion by noting that popular demand for alternative financial tools may exceed formal restrictions in several jurisdictions.

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