India and the United States are at the forefront of global cryptocurrency adoption between January and July 2025. According to the TRM Labs’ Country Crypto Adoption Index 2025, India continues to hold the top position for the third consecutive year, while the United States is in second place.

Both countries have shown substantial progress in 2025, driven by increasing retail involvement, institutional interest, and favorable regulatory changes.

Who’s Winning the Adoption Game

TRM Labs’ findings indicate that India’s ongoing lead is due to its growing base of crypto users and developers, as well as rising interest from both retail and institutional investors. From January to July 2025, India’s standing on the index remained consistent from the previous year. The report attributes this to India’s large, youthful population, increasing cryptocurrency literacy, and the growing involvement of middle-class investors seeking alternative financial assets.

India’s crypto ecosystem has benefited from a robust developer community and enhanced digital payment infrastructure that facilitate transactions related to remittances, payments, and value preservation.

In parallel, the United States has experienced significant growth in crypto transaction activity. The blockchain intelligence platform notes that between January and July 2025, the volume of crypto transactions in the US surged approximately 50% compared to the same timeframe in 2024, exceeding $1 trillion.

This recent growth builds on a similar 50% increase recorded in 2024, confirming a steady, multi-year trend. The United States remains the largest crypto market in raw transaction volume as both institutional and retail adoption expands through 2025.

The findings also highlight that this growth in US crypto activity occurred during a shifting political and regulatory environment. A series of legislative and administrative changes have shaped the landscape since late 2024, particularly after President Donald Trump’s election in November 2024, which saw a marked increase in crypto-related engagement. TRM data recorded a 30% rise in web traffic to virtual asset service providers in the six months post-election.

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99% of Stablecoin Activity Is Legit

Stablecoins are increasingly significant in global crypto adoption, with the firm reporting they accounted for 30% of global crypto transaction volume during this period. Data indicates that over 90% of fiat-backed stablecoins are pegged to the US dollar, while Tether (USDT) and Circle (USDC) make up 93% of the total stablecoin market cap.

TRM Labs found that stablecoin transaction volumes hit record highs in 2025, increasing by 83% year over year—from January to July 2025—exceeding $4 trillion. During the same timeframe, leading stablecoins improved their overall market share by 52%.

While TRM assesses that 99% of stablecoin activity is legitimate, the report mentions that 60% of illicit crypto transactions in Q1 2025 involved stablecoins, likely due to their low fees, rapid transaction speeds, and wide accessibility on open blockchains like Tron and Ethereum.

Investment fraud comprised the largest share of illicit volume escalation across the ecosystem, whereas sanctions-related activity fell within major stablecoins by $5.2 billion, despite extortion and blackmail transactions surging by 380% year over year from January to July 2025.