India leads 2025 global crypto adoption index
India ranks first in cryptocurrency adoption for 2025, according to the sixth Chainalysis Global Crypto Adoption Index. The United States comes in second, indicating a rise in activity in both nations. The research shows, market trends are being influenced by institutional investment and grassroots usage. India leads in all measured categories, including retail and institutional flows. The US rise is linked to higher institutional involvement following the approval of spot bitcoin ETFs. Pakistan, Vietnam, and Brazil complete the top five.
What is the Chainalysis Crypto Index?
The Chainalysis Global Crypto Adoption Index looks at the use of cryptocurrencies by people, businesses, and governments around the world. The sixth volume in the series, published in 2025, focuses on adoption trends as of right now. The index for this year shows shifts in how nations view and utilise digital assets. It covers a range of activities, from routine transactions to large-scale institutional investments, showing that cryptocurrency use is becoming more widespread.
India ranked first in Global Crypto Adoption
India leads the index overall and ranks highest in retail adoption, DeFi usage, and institutional activity, a first since the index began. This reflects growth at both individual and institutional levels.
Several key factors drive India’s top ranking in global crypto adoption. The country has a large, young population that is comfortable with technology, supported by widespread access to smartphones and internet connectivity. Its rapidly growing start-up ecosystem fosters innovation, while a cultural openness to new financial tools encourages experimentation with digital assets. Together, these elements have created a strong foundation for both retail and institutional crypto activity.
United States secures second place
Following the SEC’s approval of spot Bitcoin ETFs, financial firms became more active in the US in 2025, increasing institutional involvement. As a result of the entry of firms like Vanguard, Fidelity, and BlackRock, the United States rose to the second position in the global rankings of cryptocurrency adoption.
The global top five in 2025
India, the United States, Pakistan, Vietnam, and Brazil make up the top five countries in cryptocurrency adoption. The presence of emerging markets reflects how digital assets are being used to address gaps in traditional financial systems.
Countries like Pakistan, Vietnam, and Brazil face challenges such as currency instability, limited banking access, and high remittance volumes. Cryptocurrencies offer an alternative that is faster, lower-cost, and more accessible.
Asia-Pacific emerges as fastest-growing crypto region
On-chain transaction volume in the Asia-Pacific region reached $2.36 trillion this year, marking a 69 percent increase compared to the previous year, outpacing all other areas. India contributed significantly to this volume, supported by an active developer base and rising institutional involvement, placing it at the forefront of crypto activity in the region.
Latin America and Sub-Saharan Africa’s crypto boom
Countries such as Brazil, Argentina, and Colombia are utilising stablecoins to manage inflation and gain access to the US dollar. In Sub-Saharan Africa, cryptocurrency is being used for cross-border money transfers, offering a lower-cost alternative to traditional remittance services.
North America and Europe Lead in total volume
North America and Europe recorded $2.2 trillion and $2.6 trillion in on-chain transaction volume, respectively. Although APAC and LATAM are growing at a faster rate, these regions maintain the highest overall activity, driven by institutional participation and clearer regulatory frameworks. Investment from hedge funds, pension plans, and corporate treasuries continues to grow, contributing to sustained volume in both regions.
Stablecoins and global adoption
Stablecoins like USD Coin (USDC) and Tether (USDT) are essential to the global adoption of cryptocurrencies. By providing price stability tied to fiat currencies while preserving the flexibility of digital assets, they enable high monthly transaction volumes. Their extensive use indicates a need for stable value in areas with unstable currencies or restricted access to banks.
Additionally, new stablecoins like EURC and PYUSD are becoming more popular. Circle’s EURC is governed by Europe’s MiCA standards, whereas PayPal’s PYUSD has grown quickly, going from $783 million to $3.95 billion in circulation in a matter of months. These additions point to a growing stablecoin sector with more corporate participation and regulatory monitoring.
Bitcoin’s Role in fiat conversion
The main gateway to cryptocurrency for fiat money is still Bitcoin. More than twice as much money was invested in it as in other cryptocurrency assets, totalling $4.6 trillion between July 2024 and June 2025. With $4.2 trillion in fiat-to-crypto transactions, the US dominated the world thanks to well-established infrastructure and widespread use.
Crypto adoption is becoming less concentrated in the US, with more countries participating actively. With appropriate policies and infrastructure, India could become a leading force in the global Web3 landscape.
