APAC Leads Global Crypto Surge as Singapore Cracks Top 20

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Asia-Pacific has emerged as the world's fastest-growing region for cryptocurrency adoption, with transaction volumes surging 69% year-over-year to reach $2.36 trillion, according to Chainalysis' latest Global Crypto Adoption Index , released this week.

Singapore entered the top 20 in overall crypto adoption when adjusted for population, ranking 15th globally driven by strong DeFi activity and institutional engagement on centralized services. Hong Kong placed even higher at 5th in the population-adjusted rankings.

The regional surge added nearly $1 trillion in crypto transaction volume over 12 months, with India maintaining its position as the world's top crypto adopter by overall volume. Vietnam ranked 4th globally while Pakistan held 3rd place.

APAC now processes $2.36 trillion annually, growing from $1.4 trillion the previous year. While North America and Europe continue to dominate in absolute terms with $2.2 trillion and $2.6 trillion respectively, APAC showed the fastest growth rate globally, Chainalysis said.

Methodology Shifts Reflect Market Maturation

Chainalysis updated its methodology for 2025, removing the retail DeFi sub-index while adding institutional activity metrics for transactions over $1 million. The changes reflect institutional participation reaching new heights with spot bitcoin ETF approvals and expanded regulatory clarity in major markets, the company said.

The index ranks 151 countries across four categories: retail centralized services, total centralized services, DeFi protocols, and institutional activity. Rankings are weighted by GDP per capita on a purchasing power parity basis and combined using geometric mean.

When adjusted for population, Eastern European countries dominated the rankings. Ukraine topped the list, followed by Moldova and Georgia. The report noted that economic uncertainty, distrust in traditional financial institutions, and strong technical literacy drive adoption in Eastern Europe.

Stablecoin Volumes Surge Globally

Stablecoin transaction data revealed massive infrastructure growth. USDT processed over $1 trillion monthly at peak periods, while USDC ranged from $1.24 trillion to $3.29 trillion monthly between June 2024 and June 2025.

Smaller stablecoins showed rapid growth rates. EURC expanded nearly 89% month-over-month on average, with monthly volume rising from approximately $47 million in June 2024 to over $7.5 billion by June 2025. PYUSD grew from around $783 million to $3.95 billion in the same period.

The growth coincides with traditional payment companies launching stablecoin products. Stripe, Mastercard, and Visa have all launched products enabling users to spend stablecoins via traditional rails, while platforms like MetaMask, Kraken, and Crypto.com introduced card-linked stablecoin payments.

Bitcoin Dominates Fiat Entry Points

Bitcoin remained the primary gateway for new crypto users, accounting for over $4.6 trillion in fiat inflows during the period examined. That volume more than doubled the next-highest category, Layer 1 tokens excluding Bitcoin and Ethereum, which saw roughly $3.8 trillion.

The United States dominated fiat on-ramping with over $4.2 trillion in total volume, more than four times the next-highest country. South Korea followed with over $1 trillion, while the European Union registered just under $500 billion.

Bitcoin dominance varied by region. The UK and European Union allocated approximately 47% and 45% of total fiat purchases to Bitcoin respectively, while South Korea showed a more diversified profile with Bitcoin accounting for a lower share of volume.

Regional Growth Accelerates

Latin America posted the second-fastest regional growth at 63%, up from 53% the previous year. Sub-Saharan Africa grew 52%, while North America expanded 49% and Europe gained 42%. The Middle East and North Africa region saw more modest 33% growth.

The acceleration marked a significant shift from the previous year. APAC's growth rate more than doubled from 27% to 69%, while most regions showed increased growth rates compared to the prior period.

Adoption spread across income brackets, with high-, upper-middle-, and lower-middle-income countries showing synchronized peak adoption patterns. The report notes this suggests the current wave of crypto adoption is broad-based rather than isolated to specific markets.

Low-income countries showed more volatility in adoption patterns, with brief surges followed by retracement driven by policy shocks, connectivity and liquidity constraints, and conflict-related disruptions.

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