India and US dominate 2025 crypto market with stablecoin surge TRM Labs

TLDR

• India retained top spot in crypto adoption for the third straight year in 2025.
• US crypto transaction volume rose 50 percent to exceed $1 trillion in 2025.
• Stablecoin volume reached a record $4 trillion by August 2025.
• Retail crypto adoption grew over 125 percent between January and September 2025.

Global crypto adoption is rising fast, and India and the United States are at the front. A new report from TRM Labs shows South Asia had the highest growth between January and July 2025. India kept its top spot for adoption, while the U.S. saw strong gains backed by new laws. Stablecoins are now a central part of this growth, with record transaction volumes in 2025.

India and South Asia Record Sharp Growth in Crypto Activity

TRM Labs’ 2025 Crypto Adoption and Stablecoin Usage Report stated that South Asia saw an 80% increase in crypto transaction volume in the first seven months of 2025. India and Pakistan led this rise, with the region reaching around $300 billion in total transaction volume during the period.

India remained the number one country for crypto adoption for the third straight year. The report ranked the U.S. second, followed by Pakistan, the Philippines, and Brazil. TRM Labs attributed India’s strong performance to a mix of growing retail interest and the rising use of stablecoins for payments and savings.

In South Asia, individuals increasingly used crypto for remittances, local transfers, and as a store of value. This came despite varying levels of regulatory clarity. “In some jurisdictions, adoption has accelerated in response to regulatory clarity and institutional access; in others, it has expanded despite formal restrictions or outright bans,” the report said.

U.S. Sees Growth Backed by New Crypto Regulations

The United States recorded a 50% increase in crypto transaction volume during the first seven months of 2025. This brought the country’s total to over $1 trillion, making it the largest crypto market by volume.

This growth was supported by new government measures. TRM Labs noted the passage of the GENIUS Act and the White House’s 180-Day Digital Assets Report as key drivers. These measures helped create a clearer regulatory environment for both users and companies.

Institutional investors also contributed to the U.S. market growth. With more banks and firms entering the space, there was a rise in larger transaction sizes. However, TRM also observed that smaller, retail-led transactions increased sharply across the country.

Stablecoins Reach $4 Trillion in Transactions

Stablecoins played a major role in the 2025 surge. According to TRM Labs, stablecoins made up around 30% of all crypto transaction volume. By August 2025, total stablecoin transactions reached a record $4 trillion, showing an 83% rise compared to 2024.

Tether and Circle continued to dominate this space. Together, they accounted for about 93% of the total stablecoin market capitalization. TRM Labs found that these assets were often used in emerging markets to deal with currency instability.

Their fast growth has made stablecoins more common in regular finance. Users in both developed and emerging markets now use them for cross-border payments, savings, and trading.

Retail Adoption Grows as Crypto Moves Into Daily Use

The report also noted a sharp rise in retail-led crypto use in 2025. Between January and September, individual transactions grew by more than 125% compared to the same period in 2024.

This growth showed that more people are using crypto for daily needs. Payments, savings, and remittances were the main use cases. In areas with economic uncertainty, stablecoins were used to store value and avoid currency losses.

TRM Labs noted that even in countries with restrictions or bans, adoption still grew. The company observed that peer-to-peer platforms and digital wallets made it easier for users to continue trading.

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