According to a Chainalysis report, regulatory momentum in Washington and the rise of cryptocurrency exchange-traded funds (ETFs) have propelled the United States up two spots to second place in cryptocurrency adoption rates.
The U.S. is second only to India, which has maintained its top position for the third consecutive year, driving the Asia-Pacific region to become the fastest-growing area from July 2024 to June 2025, as stated in the 2025 Global Adoption Index released by Chainalysis on Wednesday.
Kim Grauer, Chief Economist at Chainalysis, told Cointelegraph that cryptocurrency adoption is accelerating primarily in mature markets with clearer regulations and more developed institutional infrastructure, as well as in emerging markets where stablecoins are changing the way people manage their finances.
Pakistan is one of the biggest risers, climbing six spots to third place, while Vietnam and Brazil have entered the top five.
Despite some regulatory progress over the past year, Nigeria has dropped from second to sixth place, with Indonesia, Ukraine, the Philippines, and Russia filling out the top ten.
The overall ranking takes into account four sub-indices that assess the value of cryptocurrency obtained from retail and institutional sources through both centralized and decentralized services.
The U.S. has risen from fourth place in Chainalysis's last report to second place, thanks to increased adoption of spot Bitcoin (BTC) ETFs and clearer regulations that have legitimized the role of cryptocurrency in traditional finance.
"Regulatory clarity is particularly important for large enterprises and traditional financial institutions, where compliance, legal, and reputational considerations often rank high," Grauer said.
Data from Farside Investors shows that the U.S. spot Bitcoin ETF has attracted $54.5 billion in inflows since its launch in January last year, with the majority of the inflows occurring between June last year and July this year.
According to a report by Bloomberg at the end of last month, investment advisors and hedge funds also began actively buying spot Ethereum (ETH) ETFs in the second quarter, purchasing $1.3 billion and $687 million, respectively.
Despite facing regulatory setbacks in recent years, India ranks first in all four sub-indices, partly due to its tech-savvy population and large overseas diaspora, making it a hotspot for cryptocurrency remittance payments.
"Grassroots cryptocurrency adoption often follows where these real needs exist and are urgent, even when regulatory conditions are unfavorable," Grauer said.
The Asia-Pacific region saw the highest year-on-year growth, with total received value increasing by 69% to $2.36 trillion, led by India, Pakistan, and Vietnam, while the Philippines, South Korea, and Thailand also made it into the top 20.
Latin America grew by 10%, "reinforcing the region's trajectory as one of the fastest-growing centers for cryptocurrency," Chainalysis stated, with Brazil and Argentina making it into the top 20.
When assessing adoption on a per capita basis, Chainalysis rankings present a different picture, with Eastern European countries Ukraine, Moldova, and Georgia at the top.
Other countries in the region that made it into the top 20 include Latvia, Montenegro, Slovenia, Estonia, and Belarus.
Chainalysis noted that a combination of economic uncertainty, a lack of trust in the banking system, and strong technological literacy in the region may have contributed to the robust performance in per capita adoption rates.
Chainalysis's findings show that Bitcoin remains the primary entry point into cryptocurrency, accounting for over $4.6 trillion in fiat inflows.
The next category is layer one tokens (excluding Bitcoin and Ethereum), which also exceeded $4 trillion, while stablecoins ranked third with just under $1 trillion.
Meme coins saw inflows of about $250 billion within the same timeframe.
The U.S. leads with $4.2 trillion in inflows, followed by South Korea with $1 trillion. Bitcoin's share in the UK and EU is particularly strong, with nearly half of fiat purchases flowing into Bitcoin.
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Original article: “Chainalysis: U.S. Rises to Second in Cryptocurrency Adoption, Asia-Pacific Grows Fastest”
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