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Crypto adoption accelerated in 2025, with India and the United States setting the pace, according to TRM Labs. From January through July, South Asia recorded the world’s fastest growth, up 80% from 2024, and reached roughly $300 billion in transaction volume on expanding retail use and digital payments.
India held the top spot for the third straight year, followed by the U.S., Pakistan, the Philippines, and Brazil. The U.S. remained the largest market by transaction volume, with estimates topping $1 trillion, that’s a 50% rise over 2024, supported by policy efforts that included the GENIUS Act and the White House 180-Day Digital Assets report.
Stablecoins Reached a Record $4 Trillion and Drove Nearly 30% of Volume
Stablecoins powered a large share of this expansion. TRM Labs’ data showed stablecoins made up nearly 30% of all crypto transactions this year. By August, stablecoin settlement volume hit a $4 trillion record, up 83% year over year.
Tether and Circle remained the dominant issuers, together holding about 93% of total stablecoin market cap. Their footprint extended across remittances, payments, and value storage, especially in markets managing inflation and banking frictions.
Related: Crypto Adoption in India: Separating the Facts from the Social Media Hype
Retail Transactions Rose 125%, Marking a Clear Mainstream Shift
Retail participation grew sharply. Individual-led transactions increased more than 125% between January and September compared with the same period in 2024. TRM Labs noted that regulatory clarity and institutional access helped speed adoption in some regions, while in others, activity climbed despite partial bans or restrictions.
The common thread being, crypto kept moving into the financial mainstream as consumers adopted stablecoins, exchanges broadened access, and payment rails improved.
What the 2025 Data Signals Next
The regional mix, India’s volume edge and the U.S.’s deep liquidity, paired with record stablecoin usage suggests the next leg of growth will track payments utility, on-off-ramps, and policy standardization.
If stablecoin share holds near 30% and retail activity maintains a triple-digit growth clip, 2026 could feature broader consumer payments and more regulated consumer-grade products in both South and North America.
Related: How the Fast-Growing Indian Economy Is Leading The Way in Crypto Adoption?
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