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Chainalysis 2025 Index Highlights U.S. Growth and India’s Continued Dominance
Chainalysis 2025 – The United States has jumped from fourth to second place in the Chainalysis 2025 Global Crypto Adoption Index, driven by regulatory clarity around Bitcoin ETFs and stablecoins that boosted institutional demand. Meanwhile, India retained its crown for the third consecutive year, dominating all four metrics tracked by Chainalysis.
The top 10 countries for crypto adoption include India, the U.S., Pakistan, Vietnam, Brazil, Nigeria, Indonesia, Ukraine, the Philippines, and Russia. Ashish Singhal, co-founder of CoinSwitch, praised India’s digitally savvy population for shaping the future of finance.
APAC Leads in Grassroots Adoption
The Asia-Pacific region saw the fastest growth, with transaction volumes surging 69% year-over-year to $2.36 trillion, driven by India, Pakistan, and Vietnam. According to Chainalysis Chief Economist Kim Grauer, remittances, savings, and investment needs are key drivers in emerging markets where regulation is fragmented.
Despite policy measures like Tax Deducted at Source and offshore exchange restrictions, India’s crypto engagement remains robust, highlighting the persistence of grassroots adoption.
Institutional Momentum in North America
North America saw 49% growth, fueled by institutional interest, the launch of spot Bitcoin ETFs, and clearer regulatory frameworks. Grauer noted that institutional innovation is creating new financial products while addressing retail needs.
Stablecoins and Bitcoin Dominate
Stablecoin adoption is rising globally, with USDT processing over $1 trillion monthly and USDC volumes ranging from $1.24 trillion to $3.29 trillion. The GENIUS Act has positioned the U.S. as a leader in fiat-backed stablecoin regulation, encouraging platforms like Stripe, Mastercard, and Visa to offer stablecoin products.
Bitcoin remains the main gateway into crypto, accounting for $4.6 trillion in fiat inflows from July 2024 to June 2025, more than double the next-largest category of Layer-1 tokens. The U.S. dominates global fiat on-ramping with over $4.2 trillion, more than four times any other country.
Grauer emphasized that institutional adoption goes beyond speculation, pointing to structural changes in financial infrastructure that endure market fluctuations.
