- APAC crypto transactions surged 69% to $2.36T, led by India, Vietnam, and Pakistan, making it the fastest growing region.
- Ukraine, Moldova, and Georgia ranked highest in population adjusted adoption, driven by economic uncertainty and strong technical literacy.
- Stablecoins expanded fast, with EURC and PYUSD showing sharp growth, while Bitcoin dominated fiat on-ramps with $4.6T inflows.
India, the United States, and Pakistan ranked as the top three countries in the 2025 Global Crypto Adoption Index, according to Chainalysis. Vietnam and Brazil followed, placing within the top five. The report highlights strong growth across Asia-Pacific (APAC), Latin America, and Sub-Saharan Africa, alongside rising institutional participation in North America and Europe.
APAC Leads Global Growth in On-Chain Transactions
APAC registered a 69% year over year increase in on-chain crypto activity, growing from $1.4 trillion to $2.36 trillion. India, Vietnam, and Pakistan drove much of this expansion, consolidating the region’s role as the hub of grassroots adoption.
Latin America followed closely with 63% growth, supported by both retail and institutional engagement. Sub Saharan Africa posted 52% growth, with adoption centered on remittances and everyday payments.
North America recorded 49% growth, propelled by regulatory clarity and the approval of spot bitcoin ETFs. Europe added 42%, while MENA trailed with 33% despite surpassing half a trillion dollars in volume. Compared to the previous year, growth accelerated sharply, with APAC’s expansion rising from 27% to 69%.
Population Based Index Changes Country Rankings
While headline figures highlight the largest economies, population-adjusted rankings reveal a different picture. Ukraine, Moldova, and Georgia led when adoption was measured relative to population size.
Chainalysis noted that economic uncertainty, distrust of banks, and technical literacy contributed to Eastern Europe’s elevated activity. They continue to use crypto to make cross-border payments and to save their assets in challenging conditions.
At the same time, the report pointed to the unbalanced growth of poor countries. Their adoption has a tendency to fall sharply in policy shocks, infrastructure shortages, and conflict disruptions. For example, Afghanistan had its activities brought to a standstill with the 2021 US withdrawal.
Stablecoin Expansion and Market Activity
Stablecoins played a central role in 2025. USDT processed over $1 trillion per month, while USDC ranged from $1.24 trillion to $3.29 trillion. However, smaller stablecoins gained momentum. EURC rose from $47 million to $7.5 billion monthly within a year, averaging 89% growth. PYUSD followed a similar trend, climbing from $783 million to nearly $4 billion.
This expansion coincided with new products from Stripe, Visa, and Mastercard, enabling spending through traditional payment channels. Additionally, Circle and Paxos advanced merchant settlement solutions, while major banks announced stablecoin exploration. Regional adoption varied, with USDC growth tied to U.S. rails, EURC linked to MiCA compliance in Europe, and PYUSD expanding in payment contexts.
Meanwhile, bitcoin remained the dominant fiat entry point. Purchases totaled $4.6 trillion, more than double Layer 1 tokens. Stablecoins attracted $1.3 trillion in inflows, while altcoins accounted for $540 billion. The U.S. led with $4.2 trillion in on-ramp volume, followed by South Korea with over $1 trillion.
