Overview

• Asia‑Pacific was the fastest‑growing region, with on‑chain transaction volume up 69% year over year to $2.36 trillion for the 12 months to June 2025.
• Chainalysis dropped a retail DeFi metric and introduced an institutional lens that counts transfers over $1 million, reframing how national adoption is ranked.
• Stablecoins continued to dominate transaction activity, with USDT consistently above $1 trillion in monthly volume and USDC ranging roughly from $1.24 trillion to $3.29 trillion.
• Bitcoin remained the primary fiat on‑ramp with more than $4.6 trillion in purchases from July 2024 to June 2025, and the United States led national on‑ramping with over $4.2 trillion.
• Population‑adjusted rankings were led by Ukraine, Moldova, and Georgia, reflecting grassroots usage tied to needs like remittances and savings.