India and the United States top the world in cryptocurrency adoption this year, according to Chainalysis’ 2025 Geography of Cryptocurrency Report, underscoring how both grassroots and institutional forces are shaping the market’s trajectory.

The sixth edition of the annual Global Crypto Adoption Index ranks India first across every sub-category measured, from retail to institutional flows. The U.S. climbed to second overall, boosted by surging institutional participation following the approval of spot bitcoin exchange-traded funds (ETFs). Pakistan, Vietnam and Brazil round out the top five.

Asia-Pacific emerged as the fastest-growing region, with on-chain transaction volume soaring 69% year-over-year to $2.36 trillion, driven by widespread activity in India, Pakistan and Vietnam.

Latin America followed with 63% growth, while Sub-Saharan Africa expanded 52% on the back of remittances and daily payments. North America and Europe continued to dominate in absolute terms, with $2.2 trillion and $2.6 trillion received respectively over the past year.

Stablecoins remain a pillar of global adoption with USDT) and USDC accounting for trillions in monthly flows.

Circle’s euro-backed EURC, launched under Europe’s MiCA regime, grew nearly 90% month-over-month, reaching $7.5 billion by June 2025. PayPal’s PYUSD also accelerated, rising from $783 million to $3.95 billion.

Payment giants including Visa and Mastercard have also rolled out stablecoin-linked products.

Bitcoin remains the primary entry point for fiat on-ramps, attracting $4.6 trillion in inflows between July 2024 and June 2025, more than double the next category, Layer 1 tokens excluding BTC and ETH. The U.S. remains the world’s largest fiat on-ramp at $4.2 trillion, four times South Korea.

Chainalysis notes that adoption is broad-based across income levels, with high-, middle- and low-income countries rising in tandem, though the latter remain more vulnerable to shocks.