India, US continue to lead global crypto adoption as stablecoin momentum builds: TRM Labs

Global cryptocurrency adoption accelerated in 2025, with South Asia emerging as the fastest-growing region and the U.S. cementing its position as the world’s largest crypto market by transaction volume, according to a new report from TRM Labs.

In the 2025 Crypto Adoption and Stablecoin Usage Report released Tuesday, TRM Labs highlighted that South Asia, including India and Pakistan, recorded an 80% increase in crypto adoption between January and July 2025 compared to the same period in 2024, reaching roughly $300 billion in transaction volume. 

India maintained its top ranking for the third consecutive year when it comes to crypto adoption, followed by the U.S., Pakistan, the Philippines, and Brazil, according to the report.

The U.S. market also saw robust growth, with crypto transaction volume rising roughly 50% in the first seven months of the year to exceed $1 trillion. This expansion was supported by regulatory developments, including the passage of the GENIUS Act and the White House’s 180-Day Digital Assets Report, according to the TRM report. 

TRM noted that stablecoins played a central role in crypto adoption, accounting for roughly 30% of the entire crypto transaction volume. By August 2025, stablecoin transactions reached a record $4 trillion, marking an 83% increase year-over-year. Tether and Circle accounted for about 93% of the total stablecoin market capitalization.

TRM’s analysis also revealed that retail-led adoption accelerated, with retail transactions rising more than 125% between January and September 2025 compared to the same period in 2024. This underscores the growing role of individuals in driving crypto’s evolution, especially in areas like payments, remittances, and value preservation during economic volatility, according to TRM.

“In some jurisdictions, adoption has accelerated in response to regulatory clarity and institutional access; in others, it has expanded despite formal restrictions or outright bans,” said the report. “These contrasting dynamics point to a consistent trajectory: crypto is moving further into the financial mainstream. A key trend underscoring this shift is the rise of stablecoins.”

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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