India and the United States top the world in cryptocurrency adoption this year, , 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 , launched under Europe’s MiCA regime, grew nearly 90% month-over-month, reaching $7.5 billion by June 2025. PayPal’s also accelerated, rising from $783 million to $3.95 billion.

Payment giants including and 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.