Regulatory clarity and the rise of crypto exchange-traded funds have pushed the United States into second place for global crypto adoption, according to cryptocurrency analytics firm, Chainalysis.
The US jumped two spots from fourth in the previous report, trailing only India, which retained the top position for the third consecutive year. This surge contributed to the Asia-Pacific region being named the fastest-growing area for crypto adoption between July 2024 and June 2025.
Chainalysis chief economist Kim Grauer said that adoption is accelerating both in mature markets with clear rules and in emerging markets where stablecoins are transforming how people manage money.
“The biggest driver of this adoption is utility,” Grauer said.
“Whether it’s stablecoins for remittances, savings in inflation-prone economies, or decentralized apps meeting local needs, people adopt crypto when it solves real problems.”
Pakistan emerged as one of the biggest movers, climbing six spots to third place. Vietnam and Brazil completed the top five. Meanwhile, Nigeria fell from second to sixth place, despite making regulatory progress over the past year. Indonesia, Ukraine, the Philippines, and Russia rounded out the top 10.
Chainalysis evaluated adoption using four subindexes. These measured crypto value received from retail and institutional investors through both centralized and decentralized platforms. The US rise to second place was fuelled by spot Bitcoin ETF adoption and clearer regulations, which legitimized crypto’s role in traditional finance.
“Regulatory clarity is particularly important for large corporates and traditional financial institutions,” Grauer noted.
“Compliance, legal, and reputational considerations rank highly for them.”
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Asia-Pacific region is growing fastest
Farside Investors data show US spot Bitcoin ETFs have attracted USD$54.5 billion in inflows since launching last January. Most of these inflows occurred between June 2024 and July 2025.
In addition, investment advisers and hedge funds began accumulating spot Ether ETFs in the second quarter. Bloomberg reported that advisers purchased $1.3 billion, while hedge funds acquired $687 million. These inflows suggest that institutional demand is becoming a key driver of crypto adoption in the US.
India’s lead helped push the Asia-Pacific region to fastest-growing status. Despite regulatory setbacks, India ranked first in all four subindexes. Analysts attribute this to the country’s tech-savvy population and its large diaspora, which drives strong demand for crypto remittance services.
“Grassroots crypto adoption follows where real-world needs are pressing, even without supportive regulations,” Grauer added. The region saw total value received increase 69 per cent to $2.36 trillion. Growth was led by India, Pakistan, and Vietnam. Other countries in the top 20 included the Philippines, South Korea, and Thailand.
Latin America also showed growth, albeit slower. Total adoption rose 10 per cent, reinforcing the region’s trajectory as a fast-growing crypto hub. Brazil and Argentina both ranked in the top 20 globally.
Chainalysis’ per-capita analysis paints a different picture. Eastern European nations, including Ukraine, Moldova, and Georgia, lead when adoption is measured per person. Other countries in the top 20 include Latvia, Montenegro, Slovenia, Estonia, and Belarus. Economic uncertainty, low trust in banking systems, and strong technical literacy likely contributed to strong adoption per capita.
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US led the world in on-ramp volume
Bitcoin remains the dominant entry point into the crypto market. Chainalysis found that it accounted for over $4.6 trillion in fiat inflows. Layer 1 tokens, excluding Bitcoin and Ether, followed closely with more than $4 trillion in inflows. Stablecoins trailed at just under $1 trillion, while memecoins captured around $250 billion.
The US led the world with $4.2 trillion in on-ramp volume. South Korea came second with $1 trillion. Meanwhile, Bitcoin’s share was particularly strong in the UK and EU, where nearly half of all fiat purchases went into Bitcoin.
In short, regulatory momentum, ETFs, and institutional adoption are reshaping the global crypto landscape. The US rise to second place underscores how clearer rules can unlock mainstream crypto engagement. Meanwhile, grassroots demand continues to fuel adoption in emerging markets, highlighting the sector’s broad and evolving appeal.
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