India's Crypto Boom: A Story of Stability, Remittances, and Survival

India has solidified its position as the global leader in cryptocurrency adoption for the third consecutive year, according to Chainalysis’ 2025 Global Crypto Adoption Index. The country topped all four sub-indices—retail and institutional activity at centralized services, as well as on-chain transactions with decentralized finance (DeFi) and institutional flows—highlighting the broad and deep integration of crypto across its digital and financial ecosystems. This strong performance was a major driver behind the Asia-Pacific (APAC) region’s status as the fastest-growing market for crypto, with on-chain transaction value receiving a 69% year-over-year increase, bringing total crypto volume in the region to $2.36 trillion between July 2024 and June 2025.

The United States moved up to second place in the index, largely due to regulatory advancements and the introduction of spot bitcoin ETFs, which helped legitimize crypto for institutional players and traditional financial actors. Kim Grauer, Chainalysis’ chief economist, attributed much of the U.S. growth to increased regulatory clarity, which has lowered compliance and reputational barriers for large corporations and financial institutions . The U.S. also recorded $4.2 trillion in crypto on-ramping volume during the period, more than four times the volume of the second-ranking country, South Korea.

Other notable performers in the APAC region include Pakistan, Vietnam, and Brazil, which moved into the top three, four, and five, respectively. India’s widespread adoption is attributed to its tech-savvy population, a large diaspora that relies on crypto for remittances, and the utility of stablecoins for savings in inflation-prone economies. Grauer noted that in markets where real-world needs are pressing, adoption can thrive even in the face of regulatory uncertainty.

When adjusted for population size, Eastern European countries emerged as leaders in per-capita crypto adoption. Ukraine, Moldova, and Georgia took the top three positions in this category. These countries are marked by high levels of crypto activity relative to their population sizes, driven by economic instability, distrust in traditional banking systems, and a high level of technical literacy. Chainalysis observed that crypto serves as an attractive alternative for wealth preservation and cross-border transactions in such environments, particularly where inflation or banking restrictions are present.

Bitcoin remained the dominant entry point into the crypto market, accounting for $4.6 trillion in fiat inflows between July 2024 and June 2025—more than double the amount for the next-largest category, Layer 1 tokens. Stablecoins, led by USDT and USDC , also saw significant transaction volumes, while smaller stablecoins like EURC and PYUSD recorded rapid growth, with EURC seeing an 89% average monthly increase during the same period.

The global crypto landscape is increasingly diverse, with adoption spanning across income levels and geographies. The report shows that high-income, upper-middle-income, and lower-middle-income countries all saw similar peaks in adoption, reflecting the broad utility of crypto in both mature and emerging markets. However, low-income countries remain more volatile, with adoption patterns influenced by factors like policy shifts, digital infrastructure, and economic stability.

Source: [1] The 2025 Global Adoption Index [2] US Second In Crypto Adoption On ETFs, Regulatory Clarity