The sixth annual Chainalysis Global Crypto Adoption Index points to a turning point for digital assets in 2025. India and the United States now stand at the top of global rankings, reflecting how far crypto has moved from being a niche experiment to an integral part of the financial system.
In previous years, crypto adoption was largely driven by grassroots users in emerging markets. This year’s findings paint a more balanced picture: everyday retail adoption remains strong, but institutional investors are now driving much of the momentum.
A New Way of Measuring Adoption
Chainalysis assessed 151 countries across four dimensions:
- On-chain value received by centralized services
- Retail-sized transfers into those services
- On-chain activity in DeFi
- Institutional-sized transactions
Each factor is weighted by GDP per capita (PPP basis), ensuring the rankings reflect economic context rather than raw transaction size. In other words, the index doesn’t just capture where crypto is popular—it shows where it’s becoming structurally important to financial systems.
For 2025, two important changes were introduced. The retail DeFi sub-index was dropped after data showed that while DeFi volumes are large, retail-level engagement is relatively limited. At the same time, a new institutional activity sub-index was added to capture transactions above $1 million—an acknowledgment of the growing role of hedge funds, custodians, ETFs, and banks.
With multiple U.S. spot Bitcoin ETFs approved and clearer rules in key markets, institutions are no longer experimenting—they’re fully in. The index now blends both bottom-up and top-down activity, offering a sharper view of crypto’s maturity.
India, the U.S., and the Rise of APAC
India tops the 2025 index, ranking first across all four categories. Its position reflects both broad grassroots usage and growing integration into mainstream finance.
The U.S. comes in second, powered by strong institutional flows and regulatory progress that has legitimized crypto on Wall Street. Following closely are Pakistan (3rd), Vietnam (4th), and Brazil (5th)—countries where remittances and inflation concerns continue to fuel demand.
Regionally, Asia-Pacific is the standout performer, with on-chain activity surging 69% year-over-year to $2.36 trillion. Latin America isn’t far behind, growing 63% as stablecoins cement their role in remittances and inflation protection.
When adjusted for population size, Eastern Europe shines. Ukraine, Moldova, and Georgia post extraordinary adoption levels relative to their populations, driven by war, inflation, and banking restrictions that make crypto a vital financial lifeline.
Stablecoins and Bitcoin Take Center Stage
Stablecoins remain the backbone of adoption. From June 2024 to June 2025, USDT alone processed more than $1 trillion monthly, while USDC peaked at $3.29 trillion. New players like EURC and PYUSD are gaining ground, with EURC volumes in Europe rising nearly 89% month-over-month thanks to MiCA compliance.
Bitcoin, meanwhile, continues to dominate as the main fiat on-ramp. It accounted for over $4.6 trillion in inflows—double any other category. The U.S. led these flows, followed by South Korea and the EU, underscoring Bitcoin’s enduring role as the gateway into crypto.
From Niche to Mainstream
Perhaps the biggest takeaway is that adoption is now truly global. Wealthier nations are laying down institutional rails, while lower- and middle-income countries continue to turn to crypto for remittances, dollar access, and mobile-first financial services.
Challenges remain—fragmented regulation, patchy infrastructure in developing countries, and the need for more secure entry points. But the trend is clear.
With India and the U.S. setting the pace, and the Global South showing how crypto addresses real-world problems, the 2025 Index makes one thing certain: crypto has outgrown its “experiment” phase. It is becoming a permanent pillar of the global financial system.