Key Insights
Between January and July 2025, crypto adoption surged in India, the United States, Pakistan, the Philippines, and Brazil, placing them at the forefront of global cryptocurrency engagement. Notably, the United States experienced a dramatic increase in crypto activity, with a 50% rise in transaction volume compared to the same period in 2024, solidifying its position as the largest crypto market worldwide. South Asia also saw rapid growth in crypto adoption, emerging as the fastest-growing region in 2025. Moreover, North Africa witnessed increased crypto activity despite several countries imposing bans.
Stablecoins have become increasingly significant, representing 30% of all on-chain crypto transactions, with annual volumes surpassing USD 4 trillion in August 2025, showcasing an 83% increase over the previous year. However, while illicit activity involving non-stablecoin digital assets rose due to sanctions, the use of stablecoins for such purposes declined by 60%, indicating a shift in usage patterns.
Methodology Overview
TRM’s Country Crypto Adoption Index 2025 evaluates digital asset adoption relative to the economic size of each nation. The index combines proprietary on-chain transaction data with web traffic analysis, adjusting for global economic conditions. This year’s assessment refines the measurement of on-chain activities by focusing on regulated and structured service providers like exchanges and custodians, moving away from purely decentralized finance (DeFi) activities that characterized earlier analyses.
Changes from Last Year
In refining the methodology from the previous year, TRM has emphasized organized service activity over experimental DeFi flows. The crypto ecosystem’s maturation has led to a diversification of transaction patterns, necessitating an updated approach to capture how users are engaging with institutional services. This shift aims to provide a more comprehensive understanding of crypto interactions.
Assessing On-Chain Volumes for Crypto Intermediaries
The analysis begins with the incoming on-chain volumes of significant virtual asset service providers, such as exchanges. To estimate the geographical distribution of transactions, TRM employs web traffic data to approximate the origin of activity, allowing for a clearer picture of market engagement across different jurisdictions.
Accounting for Global Economic Conditions
Raw transaction volumes can misrepresent adoption rates in wealthier nations. To correct for this, TRM adjusts each country’s volumes by their GDP per capita based on purchasing power parity (PPP). This adjustment helps contextualize the significance of crypto activity within varying economic environments, ensuring that data reflects the relative importance of crypto in each market.
Country Crypto Adoption Index 2025 Findings
TRM’s findings indicate a substantial increase in retail-driven crypto adoption in 2025, with transactions growing by more than 125% compared year-over-year. This shift highlights the increasing involvement of individual users in the crypto space, often related to practical applications like payments and remittances. Additionally, stablecoins have gained traction, providing users with access to fiat-linked currencies.
The countries with the highest adoption rates in 2025 include:
1. India
2. United States
3. Pakistan
4. Philippines
5. Brazil
6. Indonesia
7. Vietnam
8. Republic of Korea
9. Japan
10. Ukraine
US Crypto Volume Increases Amid Regulatory Changes
The United States retained its second-place ranking in the index, just behind India. Research indicates that between January and July 2025, US crypto transaction volume increased by approximately 50%, exceeding USD 1 trillion. This growth solidifies the US’s role as the largest crypto market globally, propelled by a combination of political, regulatory, and market dynamics. Notably, the demand for regulated products like Bitcoin exchange-traded funds (ETFs) surged, indicating strong institutional interest.
Following the election of President Trump, who actively supports cryptocurrency, there was a notable increase in US web traffic to virtual asset service providers. His administration has taken steps to clarify regulatory frameworks, including the passing of significant legislation aimed at establishing a comprehensive structure for digital assets.
South Asia Emerges as the Fastest-Growing Crypto Adoption Region
In the first half of 2025, South Asia emerged as the leading region for crypto adoption, with an 80% increase in transaction volume compared to the previous year, amounting to approximately USD 300 billion. India’s leading position is attributed to a young, tech-savvy population and a burgeoning interest in digital assets among institutional investors. Pakistan and Bangladesh also show varied but noteworthy trends in crypto adoption, with Pakistan making strides through governmental initiatives, while Bangladesh sees ongoing underground activity despite official restrictions.
North Africa’s Adoption Continues Despite Restrictions
Several North African nations, including Egypt, Morocco, Algeria, and Tunisia, rank among the top 50 for crypto adoption, even with formal bans on cryptocurrency. This situation highlights that outright prohibitions often fail to curb demand, driving users towards alternative financial solutions through underground channels.
Stablecoin Usage in 2025
Stablecoins are becoming increasingly integral to global crypto adoption, comprising 30% of transaction volume from January to July 2025. Their stability, stemming from being pegged to assets like the US dollar, offers users a reliable option in volatile markets. The regulatory landscape for stablecoins has also evolved, with significant legislative movements in the US and other regions.
Stablecoin Transaction Volume Reaches New Heights
By August 2025, stablecoins achieved record transaction volumes, with an 83% increase from the previous year, surpassing USD 4 trillion. This growth reflects the expanding role of stablecoins in the crypto market. While most stablecoin activity remains legitimate, a significant portion of illicit transactions was also recorded, indicating a complex dynamic within the crypto environment.
Conclusion: A Diverse Landscape of Adoption
This year’s report emphasizes that crypto adoption is shaped by a variety of factors, including local economic conditions and regulatory contexts. In various regions, adoption has surged due to clearer regulations and institutional access, while in others, it has flourished despite strict bans. The rise of stablecoins further illustrates the growing integration of crypto into mainstream finance. As regulatory frameworks continue to develop, future reports will delve into the ongoing evolution of crypto policy and regulation.
About TRM Labs
TRM Labs specializes in blockchain analytics, providing essential tools for law enforcement, financial institutions, and cryptocurrency businesses to detect and combat fraud and financial crime. Their platform offers comprehensive solutions for tracing funds and identifying illicit activities, contributing to a safer crypto ecosystem. Based in San Francisco, TRM Labs is expanding its team across various sectors, including engineering and data science.
