Chainalysis has ranked India as the world leader in cryptocurrency adoption for the third consecutive year (2023, 2024, and 2025), dominating across all four sub-indices—retail and institutional activity on centralized platforms, plus DeFi usage and institutional transfers in crypto.
What Makes This Ranking Significant?
1. Dominance Across All Dimensions
India ranked #1 in every single sub-index:
- Retail and institutional crypto received via centralized services
- DeFi protocol usage
- Institutional-sized transfers (newly introduced in 2025)
This comprehensive dominance signals a maturing ecosystem combining grassroots interest with growing institutional involvement.
2. Why India’s Adoption Runs Deep
Despite tight tax rules and an unclear regulatory environment, India’s tech-savvy population, heavy reliance on remittances, and stablecoin usage as a hedge against inflation have fueled widespread grassroots adoption.
3. Rising Institutional Involvement
2025’s index introduces a new institutional activity sub-index, accounting for transactions above $1 million. This reflects an evolving landscape where hedge funds, custodians, and ETFs are increasingly active. India’s top spot across both retail and institutional metrics underscores its comprehensive crypto ecosystem.
4. Asia-Pacific: The Fastest-Growing Region
APAC witnessed a 69% year-over-year surge in on-chain activity, pushing transaction volume from $1.4 trillion to $2.36 trillion in the year ending June 2025. India, Pakistan, and Vietnam were key drivers in this regional boom.
5. Global Context: U.S. and Beyond
- The United States ranked #2, powered by enhanced regulatory clarity and the introduction of spot Bitcoin ETFs, which made crypto more accessible to institutional investors.
- Pakistan, Vietnam, and Brazil claimed the #3, #4, and #5 spots, respectively, illustrating the broader global traction of crypto.
6. Per Capita Leaders: Eastern Europe Shines
When adjusted for population:
- Ukraine, Moldova, and Georgia emerged at the top—highlighting how economic instability and limited access to traditional banking drive high relative crypto usage in these nations.
7. Bitcoin & Stablecoins—Still the Main Gateways
- Bitcoin remains the dominant on-ramp asset, attracting over $4.6 trillion in fiat inflows from July 2024 to June 2025—more than double that of any other category.
- Stablecoins like USDT (Tether) and USDC processed massive monthly volumes—USDT exceeding $1 trillion and USDC ranging between $1.24 trillion to $3.29 trillion. Euro-backed stablecoin EURC also showed explosive growth (≈ 89% monthly), thanks to MiCA’s regulatory enablement in Europe.
8. A Truly Global Crypto Wave
The report underscores that crypto adoption isn’t limited to wealthy or tech-forward nations. High-, upper-middle-, and lower-middle-income countries all saw simultaneous growth, underscoring a broad, durable adoption trend. However, low-income countries remain more volatile due to infrastructure and policy challenges.
Snapshot Summary
| Metric | Key Insight |
|---|---|
| Overall Ranking | India #1 across all indices for third year running |
| Institutional Dimension | New sub-index added in 2025 for transactions > $1M |
| Regional Growth | APAC leads with 69% YoY growth to $2.36T in on-chain volume |
| Other Top Countries | U.S. (#2), Pakistan (#3), Vietnam (#4), Brazil (#5) |
| Per Capita Leaders | Ukraine, Moldova, Georgia (Eastern Europe) |
| Primary On-Ramp Assets | Bitcoin (~$4.6T inflow), USDT, USDC (massive stablecoin volumes), EURC growth |
| Adoption Across Income Levels | Widespread, except more volatile in low-income brackets |
In Closing
India’s leadership in the 2025 Global Crypto Adoption Index highlights a dynamic interplay of societal need, technological savvy, and growing institutional interest. Despite regulatory constraints, crypto continues to thrive—both as a grassroots necessity and as a mainstream financial instrument.
