The Global Crypto Hubs: Who’s Leading the Adoption Charge in 2025?

• Bitcoin dominates fiat-onramp volume with $4.6T, double other Layer 1 tokens.
• India leads crypto adoption, fueled by mobile tech, startups, and young users.
• Stablecoins drive crypto in Africa & Latin America, aiding remittances & payments.

Public blockchains host an increasingly large portion of global economic activity. Chainalysis’ 2025 Global Crypto Adoption Index shows that purchases of cryptocurrency with fiat currency still overwhelmingly flow into Bitcoin. 

Between July 2024 and June 2025, more than US$4.6 trillion of fiat-on‑ramp volume on tracked centralized exchanges went into Bitcoin. This was over twice as much as the Layer 1 category (excluding BTC and ETH), which recorded about US$3.8 trillion. Stablecoins were a distant third with roughly US$1.3 trillion, followed by altcoins at around US$540 billion; low‑liquidity tokens, meme coins and DeFi tokens each attracted less than US$300 billion.

Geographically, the United States accounted for the top share of fiat on‑ramping, with more than US$4.2 trillion, which was four times the volume of the following country, South Korea (≈US$1 trillion); the European Union recorded just under US$500 billion. 

Bitcoin’s dominance as a percentage of total fiat purchases was firm in the United Kingdom and the EU, where about 47 % and 45 % of fiat inflows went into BTC, respectively. By contrast, South Korea exhibited a more diversified profile with a lower share of inflows going to Bitcoin. These figures only reflect activity on the tracked centralized exchanges and exclude over‑the‑counter desks, informal markets, and cash‑based crypto shops.

Ownership and adoption by country

Chainalysis’ 2025 Global Adoption Index ranks countries by grassroots activity rather than absolute volume. India tops the index, followed by the United States, Pakistan, Vietnam, Brazil and Thailand. Transactions through DeFi protocols and stablecoins are particularly prominent in Asia and Latin America. Chainalysis notes that APAC transaction volume grew 69% between July 2024 and June 2025, while Latin America grew 63 % and Sub‑Saharan Africa 52%. 

In absolute terms, North America and Europe each received more than $2.2 trillion and $2.6 trillion, respectively. A population‑adjusted ranking gives smaller countries an advantage; Ukraine, Moldova and Georgia rank highly. 

Stablecoin transactions also dominate trading: the report estimates Tether (USDT) consistently processes more than $1 trillion in monthly on‑chain volume, with USDC facilitating up to $3.29 trillion.

Asia’s Innovators

According to the 2025 Global Crypto Adoption Index, Asia is at the forefront of grassroots adoption:

India is the best performer, demonstrating how mobile intelligence and a large start-up ecosystem have made digital assets and valuable tools daily. Web3 start‑ups have also boosted India’s share of global Web3 developers from 5% to 12%; officials estimate that the sector could add US$1 trillion to the economy and create 800,000 jobs by 2030. 

Source: Hashed Emergent

The country also benefits from significant remittance flows and a young, tech‑savvy population—the majority of crypto users are 18‑34 years old. Regulatory clarity is still being developed, but India’s advantage shows how economic need and innovation can coexist.

Hong Kong is positioning itself as a digital‑asset gateway to China. The Securities and Futures Commission (SFC) has approved multiple virtual‑asset trading platforms and plans to implement rules for fiat‑backed stablecoins by the end of 2024. The Hong Kong Monetary Authority is piloting an e‑HKD and exploring tokenised deposits; it also aims to simplify the licensing process for trading platforms. This regulatory clarity has attracted exchanges and fintech companies seeking access to the mainland Chinese market. 

Vietnam is forging its own path. On 9 September 2025, the government initiated a five-year pilot program that limits the issuing of crypto to tokens backed by real assets and priced in Vietnamese dong. This risk-averse strategy is intended to move digital resources into payment systems without compromising monetary policy. 

The program also bans privately issued fiat-pegged tokens and requires crypto asset service providers to have substantial capital and experience. These measures supplement the implementation of the Law on Digital Technology Industry in June 2025, which introduces the recognition of digital assets and anti-money-laundering measures. The policies combined indicate Vietnam’s desire to become a digital-tech hub in the region and defend consumers.

South Korea introduced a Digital Asset Basic Act on 9 June 2025 to create a comprehensive regulatory framework for stablecoins and improve transparency. A separate proposal outlines a won‑pegged stablecoin subject to strict issuance, reserve, and disclosure standards; major banks like Kookmin and Shinhan plan to pilot this digital won by 2025. South Korea’s approach emphasises monetary sovereignty and aims to reduce reliance on U.S. dollar‑denominated stablecoins.

Pakistan, a country that was previously hostile toward cryptocurrencies, is shifting towards their use. In March 2025, the Pakistan Crypto Council was established with plans to develop a national bitcoin reserve and dedicate 2,000 MW of surplus energy to mining and data centres. The central bank governor said at the Reuters NEXT Asia summit in July 2025 that a law was being prepared to license and regulate virtual assets and that a pilot central bank digital currency was under development. The proposed Virtual Assets Act 2025 would see the creation of an independent regulator, which is a strategic change to use digital finance to grow an economy.

Africa’s Rising Hubs

Africa is increasingly defined by stablecoins, which are used for remittances, savings and commerce. In Sub‑Saharan Africa, stablecoins account for about 43% of all crypto transaction volume and roughly 40% of Nigeria’s market. Nigeria processed US$59 billion in crypto transactions in 2024, dwarfing local e‑naira usage—98% of e‑naira wallets are inactive. Nigerian businesses use stablecoins to pay suppliers and hedge currency volatility; 70% of customers use them to remit and save, and 30% use them to conduct business.

Kenya is preparing a legal framework to keep pace. The proposed Virtual Asset Service Providers Bill would place crypto regulation under the authority of the capital markets and communications authorities, giving the industry legitimacy. A pilot program for stablecoin micropayments reduced fees by 29% to 2%, demonstrating the usefulness of digital currencies for small-scale transactions. 

Another regional leader, South Africa, has recorded 50% month-on-month growth in stablecoin transactions since October 2023. These trends indicate how African nations are leveraging digital assets to address real-world challenges, especially cross-border payments and currency volatility.

Latin American Experiments

Brazil hosts Latin America’s largest crypto economy. Approximately 12 % of Brazilians use digital assets, and 90 % of the country’s crypto activity is tied to stablecoins. In 2024, the government PIX instant-payment platform processed 63 billion transactions worth US$4.5 trillion, which offers an efficient rail for the adoption of crypto. 

The Brazilian central bank first intended to introduce a two-level digital currency named Drex, which would integrate with PIX. In 2025, however, the bank reversed course and wrote off blockchain as a solution due to privacy and scalability issues and redefined Drex as a technology-neutral deposit token and credit product infrastructure. The purpose of this decision is to maintain a level of privacy and allow banks to issue tokenised deposits that are complementary and not alternative to traditional money. 

Furthermore, Argentina, grappling with high inflation and capital controls, relies on stablecoins such as USDT, USDC, and RSV to store value and facilitate cross‑border transactions. The lack of official regulation hasn’t stopped Argentinians from using stablecoins as unofficial dollars. 

Additionally, El Salvador updated its Bitcoin law early in 2025 removing the requirement for merchants to accept Bitcoin but retaining a national reserve. These different approaches demonstrate how Latin American countries are experimenting with digital assets to address monetary instability and encourage financial inclusion.

Related: Bitcoin Holds at $110K: Will Fed Rate Cut Push it Beyond $120K?

The Middle East and Europe

Dubai has become a magnet for crypto companies and venture capital funds. Between July 2023 and June 2024, the United Arab Emirates received more than US$30 billion in crypto, and the DeFi value it received rose 87 % to US$11.3 billion. Dubai’s Virtual Assets Regulatory Authority (VARA) has licensed over 1,000 entities since 2022 and works closely with the Securities and Commodities Authority and the central bank. 

Moreover, Tether is said to have introduced the stablecoin, which is tied to the Emirati dirham. Two other financial free zones, Dubai International Financial Centre and Abu Dhabi Global Market, offer independent regulatory frameworks. Between July 2023 and June 2024, the larger Middle East and North Africa region processed US$338.7 billion in crypto transactions, which is approximately 7.5% of the global transactions.

In Europe, Switzerland’s Crypto Valley continues to thrive. The canton of Zug, famous for hosting the Ethereum Foundation, benefits from data privacy laws and pragmatic regulations. Across the European Union, the Markets in Crypto‑Assets (MiCA) regulation came into force in late 2024. By September 2025, more than 40 crypto‑asset service provider licences were issued, mainly in Germany and the Netherlands, and over 60 % of EU crypto firms had achieved compliance. MiCA’s passporting mechanism allows firms licensed in one country to operate across the bloc and has boosted cross‑border transaction volumes by 60 % and institutional investment by 45%.

North America and Canada

North America’s crypto landscape is shaped by regulatory clarity. The United States rose to second place in the global adoption index after the approval of bitcoin exchange‑traded funds and the passage of stablecoin legislation. The Financial Innovation and Technology for the 21st Century (FIT21) Act, passed in May 2024, clarifies that the Commodity Futures Trading Commission oversees commodities‑like tokens, while the Securities and Exchange Commission supervises securities‑like tokens; it also requires exchanges to segregate customer funds and share data with regulators. 

The July 2025 GENIUS Act classifies stablecoins as payment instruments and mandates that issuers hold equivalent reserves in cash or Treasuries. These reforms have encouraged major exchanges and service providers to re‑enter the U.S. market. Nexo resumed operations in early 2025, offering crypto‑backed credit lines. Binance.US reinstated U.S. dollar deposits after settling regulatory charges. OKX reopened a U.S. headquarters in San José and paid a US$500 million fine. Circle relocated to New York and filed for a US$5 billion IPO, while its stablecoin USDC achieved a market capitalisation above US$60 billion.

Canada, meanwhile, pioneered regulated bitcoin exchange‑traded funds in 2021, providing an early bridge for institutional investors. Major banks and pension funds have continued to allocate to crypto products. However, Canada has yet to adopt comprehensive legislation similar to FIT21. Many expect that once the U.S. framework is fully operational, Canada and Mexico will harmonise their approaches to remain competitive.

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