Asia-Pacific (APAC) is the fastest-growing region for cryptocurrency activity, driven by robust engagement across South Asia, and Southeast Asia.
In the past 12 months ending June 2025, the region recorded the highest global growth rate, with the value received rising 69% from US$1.4 trillion to US$2.3 trillion, according to data from Chainalysis, a US-based blockchain analytics firm.
India, Pakistan, Vietnam drives crypto adoption in APAC
APAC is also dominating the Global Crypto Adoption Index in 2025, with nine of the top 20 entries. India, Vietnam, and Pakistan are the main engines of growth, ranking first, third, and fourth globally for crypto adoption in the past year.
India remains the world leader for the third consecutive year, boasting an ownership rate of 8.3% in 2024, according to research from Triple-A, a Singapore-based crypto payments provider. This implies that more than 100 million people in the country owned cryptocurrencies last year.
Vietnam has also consistently ranked among the world’s top adopters. Currently, an estimated 17 million people in Vietnam own digital assets, with annual crypto transactions valued at around US$105 billion, according to the Vietnam News Agency.
Vietnam’s adoption of cryptocurrencies is expected to expand following new government initiatives. Earlier this month, authorities approved a five-year pilot for crypto asset trading. Under the program, only Vietnamese companies will be permitted to provide crypto platforms, and all issuances, trading and payment of crypto assets will be required to be made in Vietnamese dong, according to a statement on the government website. Issuances are limited to domestic firms and offered only to foreign investors.
In June, Vietnam’s parliament approved a law, effective January 2026, to accelerate the country’s digital transformation, strengthen local tech companies, and integrate them more deeply into global markets, according to local media. In particular, the law defines and establishes a legal framework for digital assets, including both tokenized and virtual assets.
Pakistan has also witnessed rapid adoption of cryptocurrencies, moving from 10th place in 2024 to fourth globally.
This comes as the government is reportedly planning to fast-track the adoption of cryptocurrencies for banks, foreign exchange (FX) companies, and gold trading, sources told Dawn in July. The central bank is said to be preparing to license crypto-trading banks and other financial institutions, while the government is finalizing legislation to regulate virtual assets, and preparing to launch a pilot for a digital currency.
Latin America follows, leading in stablecoin adoption
After APAC, Latin America (LatAm) follows closely, recording a 63% year-over-year (YoY) increase in crypto adoption, according to Chainalysis. Like for APAC, crypto adoption accelerated between 2024 and 2025, reflecting rising adoption across both retail and institutional segments.
Across the retail segment, adoption is particularly strong in high-inflation economies such as Argentina and Venezuela, where inflation reached 117.8% and 48% in 2024, respectively. In these markets, cryptocurrencies, especially US-backed stablecoins, are being used to preserve savings, facilitate cross-border payments, and avoid government restrictions on buying US dollars.
This trend is reflected in a 2025 survey by Fireblocks, a digital asset infrastructure provider. The company, which polled top executives from the financial services industry, found that all respondents in LatAm said they are either live, piloting, or planning stablecoin payment strategies, while 92% reported their wallet and API systems being ready.
Findings from the study reveal that cross-border payments are the region’s dominant use case for stablecoins, cited by 71% as their primary application, significantly ahead of the 49% global average.
LatAm institutions also view stablecoins as tools to combat persistent fraud and enhance security. Half of respondents cited protection as a key enabler of adoption, the highest globally. Another 36% said better protection would unlock even more adoption.
Stablecoins surge globally
The stablecoin landscape continues to grow this year, supported by favorable regulations such as the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act) and surging transaction volumes.
In July 2025, total stablecoin transaction volume hit nearly US$3 trillion, almost triple the US$1 trillion recorded a year earlier.
Tether (USDT) and USDC remain dominant, which consistently dwarf other stablecoins in scale. Between June 2024 and June 2025, USDT processed over US$1 trillion per month, according to Chainalysis. USDC, meanwhile, ranged from US$1.24 trillion to US$3.29 trillion monthly.
But smaller stablecoins like EURC, PYUSD, and DAI, are also expanding rapidly. For example, EURC grew nearly 89% month-over-month on average, with monthly volume rising from approximately US$47 million in June 2024 to over US$7.5 billion by June 2025. PYUSD, meanwhile, rose from around US$783 million to US$3.95 billion in the same period.
Between July 2024 and June 2025, stablecoins were the third most purchased asset with fiat currency, drawing over US$1.3 trillion in fiat inflows during the period. Bitcoin retained the lead, accounting for over $4.6 trillion in fiat inflows over the same period.
Featured image: Edited by Fintech News Singapore, based on image by thanyakij-12 via Freepik
