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

India and the United States are leading global cryptocurrency adoption between January and July 2025. According to the TRM Labs’ Country Crypto Adoption Index 2025, India retained its top position for the third consecutive year, while the United States held its second-place ranking.

Both countries have demonstrated significant momentum so far this year, driven by expanding retail participation, institutional engagement, and evolving regulatory environments.

Who’s Winning the Adoption Game

TRM Labs found that India’s continued lead reflects its expanding base of crypto users and developers, as well as its rising 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. Its analysis attributes this to India’s large and youthful population, increasing crypto literacy, and growing engagement from middle-class investors seeking alternative assets.

The country’s crypto ecosystem has also benefited from an expanding developer community and broader digital payments infrastructure, which have supported transaction activity tied to remittances, payments, and value preservation.

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

This growth builds on a similar 50% year-over-year increase recorded in 2024, which confirms that the expansion represents a steady, multi-year trend. The United States remained the largest crypto market in absolute terms, which is measured by transaction volume, as both institutional and retail adoption advanced through 2025.

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

99% of Stablecoin Activity Is Legit

Stablecoins are playing an expanding role in global crypto adoption. In fact, the firm reported that stablecoins accounted for 30% of global crypto transaction volume between the same period. Data indicates that over 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 a record high in 2025, as the figure increased 83% year-over-year between July 2024 and July 2025 to exceed $4 trillion from January through July 2025. Over 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 illicit crypto transactions in Q1 2025 involved stablecoins, which may have been due to their low fees, transaction speed, and wide availability on open blockchains such as Tron and Ethereum.

Investment fraud accounted for the largest share of illicit volume growth across the broader ecosystem, while sanctions-related activity declined within major stablecoins by $5.2 billion, even as extortion and blackmail-related transactions surged 380% year-over-year between January and July 2025.

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