Ukraine and Russia have been ranked eighth and tenth, respectively, in the 2025 Global Cryptocurrency Adoption Index by the analytics firm Chainalysis.
🌏 The Chainalysis 2025 Global Cryptocurrency Adoption Index is L I V E!
Here’s a snapshot of what we found:
🔹APAC is emerging as the fastest-growing region
🔹Eastern Europe countries dominate the index, when adjusted for population
🔹 Stablecoins are surging globally for a… pic.twitter.com/XGdbscCq48— Chainalysis (@chainalysis) September 3, 2025
The top five are led by India, the United States, Pakistan, Vietnam, and Brazil. Nigeria, Indonesia, and the Philippines also made it into the top 10.
Regional Leaders
The Asia-Pacific region has emerged as the leader in the growth rate of cryptocurrency transactions. The volume increased by 69% — from $1.4 trillion to $2.36 trillion. Significant contributions came from key markets such as India, Vietnam, and Pakistan.
In Latin America, crypto transaction volumes grew by 63% over the year. The Middle East and North Africa showed a more modest growth of 33%.
North America and Europe remain leaders, accounting for over $2.2 trillion and $2.6 trillion, respectively.
Chainalysis highlighted that the dominance of these regions is due to improved regulatory frameworks for crypto assets and institutional demand, bolstered by the launch of spot Bitcoin ETFs.
USDT and USDC Yield to Smaller Stablecoins
The majority of stablecoin transactions still involve USDT and USDC. From June 2024 to June 2025, Tether’s stablecoin monthly transfer volume exceeded $1 trillion, while Circle’s asset ranged from $1.23 trillion to $3.28 trillion.
“However, a deeper analysis reveals an interesting trend. USDT and USDC showed fluctuations and slight volatility, while smaller stablecoins like EURC, PYUSD, and DAI demonstrated rapid growth,” experts noted.
The average monthly increase in EURC transaction volume was about 89%. Meanwhile, its 30-day turnover rose from $47 million in June 2024 to $7.5 billion by June 2025. A similar situation occurred with PYUSD, which jumped from $783 million to $3.95 billion over the same period.
Analysts attributed this trend to local needs and regulations.
“The growth of USDC is closely linked to American institutional systems and regulated avenues, while the popularity of EURC indicates a growing interest in euro-denominated digital assets, possibly due to MiCA-compliant platforms and their integration into European fintech,” the Chainalysis report stated.
Bitcoin: The Main Gateway to the Crypto Economy
Analysts also examined cryptocurrency purchases on CEX paired with fiat. Among all digital assets, Bitcoin led by a wide margin, accounting for $4.6 trillion over the year.
The top five included L1 blockchain tokens, stablecoins, altcoins, and low-liquidity coins.
In the 2024 Global Cryptocurrency Adoption rankings by Chainalysis, India, Nigeria, Indonesia, the United States, and Vietnam topped the list.