India Surpasses U.S. as Global Crypto Adoption Epicenter in 2025

India has cemented its position as the global leader in grassroots cryptocurrency adoption in 2025, according to Chainalysis' latest Global Crypto Adoption Index. The United States followed in second place, while Pakistan, Vietnam, and Brazil rounded out the top five. This year's index, which evaluates the depth and intensity of cryptocurrency use by both retail and institutional users across 151 countries, reflects the growing maturity of the digital asset ecosystem and the diversification of adoption patterns.

The report highlights a significant surge in crypto activity within the Asia-Pacific (APAC) region, which saw a 69% year-over-year increase in on-chain value received, reaching $2.36 trillion. Latin America followed closely with a 63% growth rate, while Sub-Saharan Africa recorded a 52% increase, driven largely by the use of cryptocurrencies for remittances and daily transactions. North America and Europe, though growing at 49% and 42% respectively, still accounted for the largest absolute volumes in terms of value received—$2.2 trillion and $2.6 trillion, respectively.

India’s dominance in the index is attributed to its robust digital infrastructure and regulatory advancements. Despite imposing some of the harshest digital asset tax regimes, the country is taking incremental steps toward integration, including potential plans to establish a Bitcoin reserve. Meanwhile, Pakistan and Vietnam have also shown strong momentum in 2025, with Vietnam passing a new digital tech law in June 2025 that formally regulates cryptocurrencies and enforces anti-money laundering and cybersecurity measures.

The report also notes the methodological shift in Chainalysis’ 2025 index, which removed the retail decentralized finance (DeFi) sub-index and added a new institutional activity lens to better capture the expanding role of professional participants in the space. This adjustment aims to reflect a more comprehensive view of crypto adoption, capturing both retail and institutional activity.

In terms of stablecoin activity, USDT and USDC remained the dominant tokens in global transactions, with USDC processing between $1.24 trillion and $3.29 trillion monthly. Meanwhile, newer tokens such as EURC and PYUSD saw significant volume growth over the reporting period, indicating a shift toward more regulated and regionally tailored stablecoins.

The report underscores that Bitcoin continues to dominate the fiat on-ramp into crypto, with over $4.6 trillion in fiat purchase volume over the last twelve months. This dwarfs the combined volume of other Layer-1 tokens, stablecoins, and altcoins. The United States led in Bitcoin-related fiat inflow, followed by South Korea and the European Union.

As the crypto landscape continues to evolve, the findings from the 2025 Global Crypto Adoption Index provide a clear snapshot of where the industry is heading—and which countries are best positioned to lead the charge into the next phase of digital asset integration.