US Now 2nd in Crypto Adoption, India Keeps the Throne: Chainalysis

Global Crypto Adoption Index

Chainalysis used 12 months of on-chain activity ending June 2025 and assigned activity to countries using website traffic to exchanges and crypto apps. It measures four types of use:

• overall centralized exchange activity (CEX);
• small everyday transfers on exchanges;
• activity in crypto apps outside exchanges (DeFi); and
• institutional transfers on exchanges, then adjusts for income level (PPP GDP per capita) and population size and combines them into a single score from 0 to 1.

The snapshot lists the top 20 countries on overall crypto adoption.

India retained its position as the leading country in crypto adoption, followed by the US (which ranked fourth last year) and Pakistan (which previously ranked ninth).

Yemen, Bangladesh, and Ethiopia leapt the most in the ranking among the top 20 countries, rising 29, 22, and 14 ranks respectively.

While Ukraine fell from sixth to eighth place this year, it ranks first among all countries when adjusting for population, followed by Moldova, Georgia, Jordan, and Hong Kong. When adjusting for population, Chainalysis converted each sub-index to a per-capita measure, re-ranked countries on those per-capita figures, then combined the ranks into a normalized 0–1 score.

Chainalysis found that APAC (Asia-Pacific) and Sub-Saharan Africa demonstrated the greatest increase in growth rate from June 2024 to June 2025, compared with the previous period.

Latin America and North America also reported a marginal increase in growth rate, while Europe and MENA (Middle East and North Africa) decreased from the previous period.

While in the previous period, Europe showed the greatest regional growth rate in crypto adoption, it is now second to last with a rate of roughly 30%. APAC now leads with nearly a growth rate of about 70%.

What remains clear is crypto adoption is seeing an unprecedented rate of adoption across the globe.