Overview

• Chainalysis overhauled its methodology by dropping a retail‑DeFi sub‑index and adding an institutional lens that counts transfers over $1 million.
• Asia‑Pacific recorded the fastest expansion with transaction volume up 69% year over year to $2.36 trillion, driven by India, Pakistan and Vietnam.
• North America grew 49%, which the report links to renewed institutional interest following spot bitcoin ETF launches and clearer U.S. rules.
• Stablecoin usage reached multi‑trillion‑dollar monthly levels—USDT above $1 trillion and USDC at $1.24 trillion to $3.29 trillion—as major payment networks rolled out stablecoin services and some banks explored offerings.
• Bitcoin remained the dominant fiat on‑ramp with over $4.6 trillion in inflows during July 2024 to June 2025, while U.S. platforms led fiat on‑ramping with more than $4.2 trillion.