Chainalysis Report Reveals India and U.S. Lead in Global Crypto Adoption

According to the latest report from Chainalysis, India and the United States are leading the world in cryptocurrency adoption, based on the 2025 Global Crypto Adoption Index. The report, which has been published annually, examines both on-chain and off-chain data to identify countries that are at the forefront of grassroots crypto adoption.

Methodology of the Global Crypto Adoption Index

The index is composed of four sub-indices that assess countries based on their use of different cryptocurrency services. These sub-indices are adjusted for factors like population size and purchasing power, providing a comprehensive ranking of 151 countries. The methodology includes analyzing web traffic patterns to estimate transaction volumes, though it acknowledges the limitations of such data due to the use of VPNs and other privacy tools by crypto users.

Significant Changes in the 2025 Methodology

This year, Chainalysis made notable changes to its methodology, including the removal of the retail DeFi sub-index to avoid overemphasizing niche behaviors and the introduction of a new institutional activity sub-index. This change reflects the growing participation of traditional financial institutions in the crypto market, especially following the approval of spot Bitcoin ETFs in the U.S.

Regional Insights and Growth Trends

The report highlights that the Asia-Pacific (APAC) region has emerged as the fastest-growing area for on-chain crypto activity, with a 69% year-over-year increase. Countries like India, Vietnam, and Pakistan are driving this growth. Latin America also saw a significant rise in crypto adoption, growing by 63% over the same period.

In contrast, North America and Europe remain dominant in absolute transaction volumes, driven by renewed institutional interest and regulatory clarity. The report notes that these regions received over $2.2 trillion and $2.6 trillion, respectively, in crypto transactions.

Population-Adjusted Rankings

When adjusting the index for population, Eastern European countries such as Ukraine, Moldova, and Georgia lead in crypto activity relative to their populations. Economic uncertainty and strong technical literacy are identified as factors driving crypto adoption in these regions.

Stablecoin Dynamics

The report also discusses the evolving stablecoin landscape, noting that U.S. dollar-pegged stablecoins like USDT and USDC dominate transaction volumes. However, the growth of euro-denominated stablecoins such as EURC indicates a shift in regional preferences, influenced by regulatory frameworks like the EU’s MiCA regime.

For further details, the full report is available on the Chainalysis website.

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