India ranked first and the United States second in Chainalysis’ 2025 Global Crypto Adoption Index, followed by Pakistan, Vietnam and Brazil. The study examined activity across centralized services and decentralized finance.
The rankings offer a way to compare the scale and economic significance of crypto activity. They should not be read as a count of individual owners or a forecast of token prices.
Asia-Pacific led regional growth
Chainalysis reported that value received in Asia-Pacific rose 69% in the twelve months ending June 2025, reaching $2.36 trillion. India, Pakistan and Vietnam were prominent markets in the region.
Methodology affects the result
The index combined four measures and weighted activity using economic characteristics. Its 2025 methodology introduced an institutional activity component and removed the separate retail DeFi component.
Adjusting for population produced a different ranking, led by Ukraine, Moldova and Georgia. That difference illustrates why a large aggregate market and high activity relative to population answer different questions.
For publishers and businesses, the index is one input to audience research. Local language, regulation and the problems users are trying to solve require separate evidence.
Editor’s note: The source page records a later data correction. This article retains the verified 2025 rankings and period, removes disputed regional and fiat-inflow figures, and clarifies that adoption scores are not user counts. Its publication date is unchanged.