The U.S. made it abundantly clear earlier this year that it aimed to become the top country by crypto adoption. President Trump and his administration have been working towards achieving that goal, particularly through regulatory clarity. Despite their efforts, the U.S. has been falling short of its goal. A recent Chainalysis report revealed that India secured the top spot as the leading country by crypto adoption. According to the Chainalysis report, the U.S. was the first runner-up. India was first in all categories that were part of the ranking criteria, including centralized, decentralized, retail, and institutional value.
India topped the list on all key categories. The top 10 list had some noteworthy entries. For example, Brazil secured the 5th spot and was the leading country from South America. Nigeria was the only African country to make it into the top 10 list.
The Asia Pacific Region Had Highest Crypto Adoption Growth Rate
The Chainalysis report also highlighted an analysis of crypto adoption by region. It revealed that the Asia Pacific region demonstrated the highest growth rate in crypto activity. The data revealed that the Asia Pacific region had 69% year-over-year growth in value. Collective crypto transaction volumes from the region ballooned from $1.4 trillion in 2024 to $2.36 trillion in 2025.
Five out of the top 10 countries in the list were from the Asian region. These included India, Pakistan, Vietnam, Indonesia, and the Philippines. Surprisingly, the North American region was the 4th fastest, outpaced by Latin America and Sub-Saharan Africa. The Middle East and North African region had the slowest growth this year. According to the data, it had a slower growth rate in 2025 compared to 2024. The European region also demonstrated a cooldown this year compared to last year. Nevertheless, some European countries, such as Ukraine and Moldova, still demonstrated a massive growth pace this year. The data highlighted just how top European countries, including Russia, France, and the UK, were unable to capitalize on growth opportunities, especially compared to their Asian peers. Institutional data from the same report also had some surprising outcomes. For example, Sub-Saharan Africa was the third fastest-growing region. Strong retail activity was observed from this region. Moreover, institutional activity in Nigeria and South Africa demonstrated significant activity.
Bitcoin Remains the Top Liquidity Destination in Crypto
Chainalysis also explored liquidity flows into cryptocurrencies between July 2024 and June 2025. The report revealed that roughly $1.2 trillion worth of fiat liquidity was onboarded into Bitcoin. This was roughly 70% higher than the fiat liquidity channeled into ETH during the same period.
Ethereum had about $726 billion worth of inflows. The report also took into account the liquidity flows and how different fiat currencies faired. The USD and its denominated stablecoins were the primary on-ramps across multiple countries. The USD accounted for $2.4 trillion in total fiat volumes. The South Korean WON was surprisingly the second most popular fiat currency in terms of total crypto value purchased with fiat. The Euro, Turkish Lira, and the Pound Sterling followed consecutively. Fiat to crypto purchases by country and BTC dominance. Although USD purchases were dominant compared to other currencies, most altcoin inflows were fueled by the dollar.