India Extends Its Crypto Reign but US Isn’t Far Behind With Explosive 50% Volume Growth

India leads for the third yr, whereas US crypto exercise jumps 50% to $1 trillion.

India and america are main world cryptocurrency adoption between January and July 2025. In accordance with the TRM Labs’ Nation Crypto Adoption Index 2025, India retained its high place for the third consecutive yr, whereas america held its second-place rating.

Each nations have demonstrated important momentum to date this yr, pushed by increasing retail participation, institutional engagement, and evolving regulatory environments.

Who’s Profitable the Adoption Recreation

TRM Labs found that India’s continued lead displays its increasing base of crypto customers and builders, in addition to its rising curiosity amongst each retail and institutional traders. Between January and July 2025, India’s place on the high of the index remained unchanged from 2024. Its evaluation attributes this to India’s giant and youthful inhabitants, rising crypto literacy, and rising engagement from middle-class traders searching for various belongings.

The nation’s crypto ecosystem has additionally benefited from an increasing developer group and broader digital funds infrastructure, which have supported transaction exercise tied to remittances, funds, and worth preservation.

Alongside India, america continued to point out sturdy development in transaction exercise. The blockchain intelligence platform reported that between January and July 2025, crypto transaction quantity within the US elevated by roughly 50% in contrast with the identical interval in 2024, surpassing $1 trillion.

This development builds on the same 50% year-over-year improve recorded in 2024, which confirms that the growth represents a gradual, multi-year development. The US remained the biggest crypto market in absolute phrases, which is measured by transaction quantity, as each institutional and retail adoption superior by 2025.

The report additionally noticed that this acceleration in US crypto exercise occurred amid an evolving political and regulatory backdrop. A collection of legislative and administrative developments has formed the panorama since late 2024. Following President Donald Trump’s election in November 2024, crypto-related engagement within the nation rose markedly, and TRM information confirmed a 30% improve in internet visitors to digital asset service suppliers in the course of the six months after the election.

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99% of Stablecoin Exercise Is Legit

Stablecoins are taking part in an increasing position in world crypto adoption. Actually, the agency reported that stablecoins accounted for 30% of worldwide crypto transaction quantity between the identical interval. Information signifies that over 90% of fiat-backed stablecoins are pegged to the US greenback, whereas Tether (USDT) and Circle (USDC) collectively signify 93% of the entire stablecoin market capitalization.

TRM Labs additional discovered that stablecoin transaction volumes reached a file excessive in 2025, because the determine elevated 83% year-over-year between July 2024 and July 2025 to exceed $4 trillion from January by July 2025. Over the identical interval, main stablecoins elevated their total market share by 52%.

Whereas TRM assesses that 99% of stablecoin exercise is respectable, the report famous that 60% of all illicit crypto transactions in Q1 2025 concerned stablecoins, which can have been because of their low charges, transaction velocity, and large availability on open blockchains equivalent to Tron and Ethereum.

Funding fraud accounted for the biggest share of illicit quantity development throughout the broader ecosystem, whereas sanctions-related exercise declined inside main stablecoins by $5.2 billion, whilst extortion and blackmail-related transactions surged 380% year-over-year between January and July 2025.