India and the US to Lead Global Adoption of Cryptocurrencies and Stablecoins by 2025

• India leads global cryptocurrency adoption for the third consecutive year.
• US transaction volume to exceed $1 trillion by 2025.
• Stablecoin usage reaches $4 trillion and represents 30% of transactions.

A new report from TRM Labs reveals that India and the United States remain at the forefront of cryptocurrency adoption—also highlighting the growing role of stablecoins in the ecosystem. According to data compiled between January and July 2025, India maintained its leading position in global adoption, while the United States saw significant growth in crypto asset transaction volume.

In the South Asia region, which includes India and Pakistan, cryptocurrency adoption increased by approximately 80% during the aforementioned period, compared to the same period in 2024. The value of cryptocurrency transactions in this region reached approximately US$300 billion. Proportionally, this growth makes South Asia the fastest-growing region in the world for digital assets.

In the United States, the report indicates that cryptocurrency transaction volume jumped around 50% in the first seven months of 2025, surpassing the $1 trillion mark. This performance reinforces the country's position as the largest market in terms of absolute volume for crypto assets. Factors contributing to this growth include recent regulatory measures, such as the passage of the GENIUS Act and the White House's 180-day report on digital assets.

Stablecoins also gained prominence: they accounted for approximately 30% of all crypto asset transaction volume between January and July 2025. In August, stablecoin transaction volume reached a record $4 trillion, representing an 83% increase over the previous year. In this segment, issuers Tether (USDT) and USD Coin (USDC) accounted for approximately 93% of the total stablecoin market capitalization.

Another relevant finding in the report is the strong increase in retail-led adoption: individual cryptocurrency transactions increased by more than 125% between January and September 2025, compared to the same period in 2024. This movement demonstrates that everyday users are becoming an active part of the crypto ecosystem, especially in use cases such as payments, remittances, and preserving value in the face of economic volatility.

According to the study itself, "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." This highlights that crypto penetration occurs in both regulated environments and more restrictive markets, and reinforces the importance of stablecoins as a central piece of this process.