Key Points
- India ranks first in the Chainalysis index for cryptocurrency adoption, excelling in retail, DeFi, and institutional use, while the U.S. holds the second position, spurred by ETF-driven inflows.
- USDT and USDC lead the pack of stablecoins, but Circle’s EURC and PayPal’s PYUSD are rapidly gaining popularity.
- Bitcoin serves as the main entry point, attracting $4.6 trillion in fiat on-ramps from July 2024 to June 2025, showing significantly more inflows compared to any other cryptocurrency.
India and the United States stand out as the top nations in cryptocurrency adoption this year, according to the 2025 Geography of Cryptocurrency Report by Chainalysis. The ranking emphasizes both grassroots initiatives and institutional momentum that are steering the market’s future direction.
Notably, the report reveals that Asia-Pacific is the fastest-growing area, with on-chain transaction volume escalated by 69% year-over-year to $2.36 trillion, primarily driven by activity in India, Pakistan, and Vietnam. Meanwhile, Latin America and Sub-Saharan Africa experienced notable growth, fueled by remittances and day-to-day transactions.
Additionally, the prominence of stablecoins is affirmed, as USDT and USDC continue to manage extensive monthly flows. Circle’s EURC has seen a remarkable increase, growing nearly 90% month-over-month, while PayPal’s PYUSD has surged from $783 million to $3.95 billion.
Payment giants such as Visa and Mastercard have also introduced products tied to stablecoins.
Overall, Bitcoin remains a vital entry point for fiat conversion, bringing in $4.6 trillion in investment within the given timeframe, reinforcing its position as the primary on-ramp globally.
