India Expands Its Crypto Reign, But The US Isn’t Far Behind With Explosive 50% Volume Growth

India leads for the third year, while US crypto activity surges 50% to $1 trillion.

India and the United States will lead global cryptocurrency adoption between January and July 2025. According to TRM Labs’ Country Crypto Adoption Index 2025, India retained its top position for the third consecutive year, while the United States ranked second.

Both countries have shown significant momentum so far this year, driven by growing retail participation, institutional involvement and evolving regulations.

Who wins the adoption game?

TRM laboratories found that India’s continued lead reflects the growing number of crypto users and developers, as well as increasing interest among both retail and institutional investors. Between January and July 2025, India’s position at the top of the index remained unchanged from 2024. The analysis attributes this to India’s large and youthful population, rising crypto literacy, and the growing involvement of middle-class investors looking for alternative assets.

The country’s crypto ecosystem has also benefited from a growing developer community and broader digital payments infrastructure, which have supported transaction activities related to remittances, payments and value retention.

In addition to India, the United States continued to show strong growth in transaction activity. The blockchain intelligence platform reported that between January and July 2025, the volume of crypto transactions in the US increased by approximately 50% compared to the same period in 2024, topping $1 trillion.

This growth builds on a similar 50% year-on-year increase recorded in 2024, confirming that the expansion represents a steady trend over several years. The United States remained the largest crypto market in absolute terms as measured by transaction volume, while both institutional and private adoption continued to progress through 2025.

The report also noted that this acceleration of crypto activity in the US occurred against an evolving political and regulatory backdrop. A series of legislative and administrative developments have shaped the landscape since late 2024. Following the election of President Donald Trump in November 2024, crypto-related engagement in the country increased significantly, and TRM data showed a 30% increase in web traffic to virtual asset service providers during the six months following the election.

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99% of Stablecoin activity is legitimate

Stablecoins are playing an increasingly important role in the global adoption of cryptocurrencies. In fact, the company reported that stablecoins represented 30% of global crypto transaction volume between the same period. Data shows that more than 90% of fiat-backed stablecoins are pegged to the US dollar, while Tether (USDT) and Circle (USDC) together represent 93% of the total stablecoin market capitalization.

TRM Labs further found that stablecoin transaction volumes reached an all-time high in 2025, as this figure increased 83% year-on-year between July 2024 and July 2025, reaching more than $4 trillion from January through July 2025. During the same period, leading stablecoins increased their overall market share by 52%.

While TRM assesses that 99% of stablecoin activity is legitimate, the report noted that 60% of all illegal crypto transactions in the first quarter of 2025 involved stablecoins, which may be due to the low fees, transaction speed and wide availability on open blockchains such as Tron and Ethereum.

Investment fraud accounted for most of the illicit volume growth in the broader ecosystem, while sanctions-related activity within the major stablecoins fell by $5.2 billion, even as extortion and blackmail-related transactions rose 380% year-on-year between January and July 2025.