India and U.S. Redefine Crypto's Global Role as Stablecoins Surge

The United States and India have emerged as the leading markets for global crypto adoption, according to the latest Chainalysis Global Adoption Index. The U.S. rose to second place, propelled by regulatory reforms and significant inflows into spot Bitcoin and Ether ETFs. Meanwhile, India maintained its top position for the third consecutive year, ranking first across all four sub-indexes: centralised retail, institutional activity, DeFi, and decentralised services [1].

The report also highlighted a stark divergence in the nature of crypto adoption between developed and emerging markets. In the U.S. and other developed economies, institutional participation is driving much of the growth. In contrast, emerging economies are seeing strong grassroots adoption, particularly in the use of stablecoins for remittances and savings. This trend is especially pronounced in the Asia-Pacific (APAC) region, where crypto transaction volume surged by 69% year-over-year in the 12 months ending June 2025, reaching $2.36 trillion [1].

Major APAC countries such as India, Vietnam, and Pakistan played a pivotal role in this surge. North America also saw robust growth, with crypto transaction volume rising by 49% to $2.2 trillion during the same period. Europe followed closely with a 42% increase to $2.6 trillion, while Latin America posted a 10% year-over-year growth [1].

Stablecoins remain a cornerstone of crypto adoption, particularly in emerging markets. USDT and USDC dominated the sector, with USDT processing over $1 trillion in monthly transactions and USDC reaching a high of $3.29 trillion in October 2024. Smaller stablecoins also showed notable growth, with EURC experiencing an average monthly increase of 89% and PYUSD rising from $783 million to $3.95 billion in a year [1].

The stablecoin market has reached a record $280 billion in market capitalisation and is expected to exceed $400 billion by the end of 2025. This growth reflects the increasing role of stablecoins in cross-border payments, remittances, and decentralized finance applications. The data underscores the broader transformation in the global financial system as stablecoins continue to gain traction across diverse use cases [1].

The rise of stablecoins and the increasing adoption of blockchain technologies are reshaping traditional financial systems, particularly in regions with limited access to conventional banking services. As the crypto market matures, the interplay between institutional and retail adoption is likely to remain a key driver of innovation and regulatory evolution [1].

Source: [1] U.S., India Lead Global Crypto Adoption as APAC Transaction Volume Soars 69% (https://cryptonews.com.au/news/u-s-india-lead-global-crypto-adoption-as-apac-transaction-volume-soars-69-130709/)