India Dominates Onchain Volumes as Japan Records Fastest Crypto Growth: Report

CN
7 hours ago

Asia-Pacific is establishing itself as a central force in the cryptocurrency economy, with adoption trends that increasingly influence global flows. Blockchain analytics firm Chainalysis released part of its 2025 Geography of Cryptocurrency Report on Sept. 24, showing that the region has become the fastest-growing crypto market worldwide. The findings indicate APAC routinely rivals or surpasses North America in monthly transaction volumes while maintaining momentum heading into late 2025.

Chainalysis stated:

Monthly on-chain value received grew from about $81 billion in July 2022 to peak at $244 billion in December 2024, a threefold increase over 30 months.

Even after that peak, activity has remained strong above $185 billion per month through mid-2025. The report added that “among APAC’s top five markets, Japan saw the strongest growth. On-chain value received grew 120% in the 12 months to June 2025 relative to the 12 months prior, outpacing Indonesia (103%), South Korea (100%), India (99%), and Vietnam (55%).”

Japan’s rapid ascent has been linked to regulatory reforms, stablecoin licensing, and heightened XRP trading volumes, suggesting that investor interest is shifting toward assets with perceived real-world utility.

The report further detailed:

India’s crypto market, however, is the clear leader in the region in terms of on-chain transaction volume and placement on the 2025 Global Adoption Index. At number one this year across all subindices, India’s crypto market is both fast-growing and highly complex.

Alongside India’s dominance, South Korea is characterized by speculative trading and surging stablecoin usage, Vietnam by remittance and gaming integration, and Pakistan by stablecoin adoption to hedge inflation. Smaller markets such as Australia, Singapore, and Hong Kong are shaping regulatory frameworks to support growth, aiming to attract institutional capital and reinforce their positions as trusted hubs. As Chainalysis concluded: “APAC is now one of the most dynamic regions in global crypto adoption, with countries charting very different but equally impactful paths.”

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