Our Terms & Conditions | Our Privacy Policy
The cryptocurrency ecosystem is rapidly changing, with India and the United States emerging as global adoption leaders, according to Chainalysis’ 2025 Global Crypto Adoption Index. Nigeria, previously ranked second, has fallen to sixth place, signalling a significant shift in the global crypto adoption outlook.
The annual report, which was published on September 2, 2025, highlights changing trends in grassroots and institutional crypto use in 151 countries.
For the third year in a row, India has topped the rankings. The country leads in all four Chainalysis sub-indices: on-chain value received by centralised services, retail-sized value received, decentralised finance (DeFi) activity, and institutional-sized transfers.
The country’s dominance is due to widespread local adoption and increased integration with financial services. This trend is driven by a young, tech-savvy population and an increase in fintech innovation. Despite stringent taxation and regulatory challenges, India’s cryptocurrency market remains robust.
The United States has risen from fourth to second position. The regulatory clarity surrounding Bitcoin exchange-traded funds (ETFs) and stablecoins has fuelled this rise.
The U.S. leads the world in fiat on-ramping, with over $4.2 trillion in volume from July 2024 to June 2025. This is over four times the next highest country. Institutional participation, including banks and payment processors exploring blockchain-based services, has strengthened the country’s position.
Why Nigeria’s slipped to sixth place
Nigeria, which topped the index in 2023, is now ranked sixth. The country previously led due to widespread adoption, which was fuelled by economic challenges such as inflation and currency devaluation. Stablecoins, particularly USDT and USDC, have been essential for remittances and wealth preservation in Nigeria.
However, the 2025 index represents a broader global shift. Increased institutional activity in high-income countries such as the United States, as well as regulatory developments elsewhere, have pushed Nigeria from its enviable second position to now sixth. Despite its decline, Nigeria remains a major player in Central and Southern Asia and Oceania (CSAO).
The report highlights the country’s continued reliance on stablecoins for real-world applications. These include cross-border payments and inflation hedges. However, the country faces challenges such as regulatory uncertainty and a lack of institutional infrastructure when compared to leaders such as India and the United States.
Global crypto adoption trends in 2025
The 2025 index indicates a more balanced global cryptocurrency ecosystem. Retail adoption in emerging markets remains strong, but institutional flows have become a major driver.
The Asia-Pacific (APAC) region experienced a 69% year-over-year increase in on-chain activity, reaching $2.36 trillion.
Latin America followed with a 63% increase, driven by the use of stablecoins for remittances.
Crypto adoption across regions
When adjusted for population size, Eastern Europe stands out, with countries such as Ukraine and Moldova exhibiting high per capita crypto activity as a result of economic uncertainty and technological literacy.
Bitcoin remains the primary fiat onramp, with inflows totalling more than $4.6 trillion globally.
Stablecoins, led by USDT and USDC, processed massive volumes, with USDT handling more than $1 trillion per month. Newer stablecoins, such as EURC and PYUSD, are gaining traction, particularly in Europe, where the EU’s Markets in Cryptoassets Regulation (MiCA) has accelerated growth.
Methodology and changes for 2025
Chainalysis evaluates countries based on four sub-indices weighted by GDP per capita and population size. This ensures that the rankings reflect the economic context rather than raw transaction volume.
The removal of the peer-to-peer (P2P) exchange sub-index in 2025 was a significant change, as P2P activity worldwide declined.
A new institutional activity sub-index was introduced to track large-scale transfers by professional investors and custodians. This shift reflects the growing role of institutional investors in mature markets.
The methodology relies on on-chain and off-chain data, including web traffic patterns, to estimate transaction volumes.
While VPN usage may skew some data, Chainalysis validates findings with insights from local crypto experts.
Regional dynamics and stablecoin growth
The APAC region, which includes India, Pakistan, and Vietnam, remains a crypto powerhouse. Pakistan and Vietnam rank third and fourth, respectively, on the basis of retail and institutional interest. Brazil, ranked fifth, demonstrates Latin America’s growing reliance on stablecoins for remittances and inflation hedging.
Stablecoins continue to dominate the global crypto infrastructure. USDT processed $1.14 trillion in January 2025 alone, with USDC peaking at $3.29 trillion. Emerging stablecoins, such as EURC, increased by 89% month on month, reflecting regulatory advancements in Europe.
Companies such as Stripe, Visa, and Mastercard are integrating stablecoin payment functionality, further mainstreaming its use.
It is important to note that Nigeria’s drop to sixth place has not diminished its crypto potential. The country’s young population and economic needs are still driving adoption. To reclaim its top spot, Nigeria may require clearer regulations and increased institutional investment.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.