2025年加密货币采用与稳定币使用报告

2025 CryptoAdoption andStablecoinUsage Report TRMLABS.COM Key takeaways Between January – July 2025, India, the United States (US),Pakistan, the Philippines, and Brazil ranked highest for US crypto activity surged by around 50% between Januaryand July 2025 compared with the same period in 2024,cementing its status as the largest crypto market globally South Asia saw an acceleration in crypto adoption —becoming the fastest growing region for crypto adoption Crypto adoption accelerated in North Africa, despite a Stablecoins now comprise 30% of all on-chain cryptotransaction volume, recording their highest annual volumeto date in August 2025, reaching over USD 4 trillion for the Between 2024 and 2025, sanctions drove illicit volumegrowth for non-stablecoin digital assets, while sanctions-related activity in stablecoins fell by 60%, indicating a Methodology TRM’s Country Crypto Adoption Index 2025 provides a ranking of digitalasset adoption relative to the size of a country’s economy. It combines TRM’sproprietary on-chain transaction data with web traffic patterns analysis, before Changes from last year A multifaceted adoptionlandscape, with This year’s methodology builds on the approach we took in 2024 by adjusting Previously, DeFi-related flows represented a substantial share of the index, offeringvaluable insight into early adopter behavior. As the ecosystem has matured,however, the footprint of crypto activity has diversified, with more structured service To capture this shift, in this report, we have isolated and analyzed activityfrom categories closely tied to organized or regulated services — such asexchanges, custodians, OTC desks, payment providers, hosted wallets, and P2P open-ended DeFi experimentation (e.g. decentralized applications, gaming, QUICK LINKS Methodology This adjustment shifts the index from primarily DeFi-driven signals toward amore balanced view that captures the expanding ways in which users engage Country CryptoAdoption Index 2025 Apportioning on-chain volumes for crypto intermediaries First, we look at incoming on-chain volumes of major virtual asset serviceproviders (VASPs) — such as exchanges and payment services — restricting flowsto assets with reliable pricing data. As on-chain transactions do not typicallyreveal where users are located, TRM uses web traffic as a proxy for geographic A multifaceted adoptionlandscape, with Accounting for global economic conditions Raw transaction volumes can overstate adoption in higher-income economies.To address this, we scaled each country’s attributed volumes by its grossdomestic product (GDP) per capita on a purchasing power parity (PPP)basis. This adjustment accounts for varying cost of living and income levels, For example, one US dollar of crypto volume carries more weight in a marketwhere average annual payments per person total USD 100 than it does in amarket where annual payments per person reach USD 10,000. In the first case, After conducting this analysis, we combined on-chain volumes, web trafficattribution, and economic scaling into a composite score. Countries are ranked This methodology provides a consistent snapshot of where crypto adoptionis highest globally — not only by absolute volume, but also in terms of local Country Crypto AdoptionIndex 2025 QUICK LINKS Methodology Country CryptoAdoption Index 2025 TRM’s findings show that global retail-led adoption accelerated in 2025, asretail transactions rose by more than 125%between January – September Stablecoin usagein 2025 A multifaceted adoptionlandscape, with This rise in retail-led adoption indicates that individuals are playing anincreasing role in shaping crypto’s evolution, with activity often tied to practical In line with this trend, we’ve also introduced a section on stablecoins this year,which have begun playing a more prominent role in the crypto ecosystem by But first, let’s look at the jurisdictions with the highest levels of crypto adoptionin 2025 — and what’s driving it. * The rankings shown here for “Full Year 2024” differ from the rankings weoriginally published in our 2024 Crypto Adoption and Illicit Exposure Report QUICK LINKS (published December 2024) for two reasons: Methodology •We updated our methodology — isolating and analyzing activity fromcategories closely tied to organized or regulated services while Country CryptoAdoption Index 2025 Stablecoin usagein 2025 •The rankings shown here in the “Full Year 2024” column include a full year ofdata. Last year’s report analyzed data from January – October 2024. A multifaceted adoptionlandscape, with US crypto volume increases by around 50% amid The US maintained its #2 position in the index behind India, which remains #1 Our research shows that between January and July 2025,crypto transactionvolume in the US rose by roughly 50%, compared with the same period in2024, to over USD 1 trillion.This cements the US’s position as the largest cryptomarket globally in abs