tl;dr
A TRM Labs report reveals the US dominates crypto transaction volume, but India leads in grassroots adoption, highlighting contrasting global trends in digital asset integration.
**US Retail Investors Drive Crypto Growth, But India Leads in Grassroots Adoption**
A new report by TRM Labs, a leading crypto analysis firm known for its work on illicit Web3 activity, reveals a surge in global cryptocurrency adoption, with the United States emerging as a dominant force. However, the report also highlights that grassroots crypto usage in India far outpaces that of the US, underscoring the diverse trajectories of digital asset adoption worldwide.
### **US Crypto Adoption Surges by 50%**
The report highlights that crypto transaction volume in the US grew by 50% year-over-year, surpassing $1 trillion in 2025. This growth solidifies the US as the largest crypto market in absolute terms, driven by a sustained multi-year trend. Key factors include President Donald Trump’s pro-crypto regulatory initiatives, which created a more favorable environment for innovation, and a 30% increase in exchange traffic in late 2024 and early 2025.
Retail investor interest has also intensified, with growing enthusiasm for digital assets despite the increasing influence of institutional players. TRM Labs notes that this momentum reflects a broader shift in consumer behavior, as more individuals seek to participate in the crypto economy.
### **India Outpaces the US in Grassroots Adoption**
While the US remains the largest market by value, India leads in grassroots crypto adoption. The report states that on-chain transactions in India tripled over the past 30 months, with the country, along with Pakistan and Bangladesh, driving Southeast Asia’s status as the fastest-growing region for crypto usage.
Interestingly, several North African nations—Egypt, Morocco, Algeria, and Tunisia—also rank in the top 50 countries for crypto usage, despite formal government bans and restrictions. This resilience highlights the demand for decentralized finance (DeFi) solutions in regions with underdeveloped traditional financial systems.
### **Stablecoins Fuel Mass Adoption**
Stablecoins, which provide a bridge between traditional finance (TradFi) and Web3, are experiencing unprecedented growth. Over 90% of stablecoins are pegged to the US dollar, and on-chain stablecoin transactions hit record highs in 2025. Their popularity stems from their role as convenient on- and off-ramps for users navigating between fiat and digital assets.
This trend underscores the critical role of stablecoins in mainstreaming crypto, as they offer stability and accessibility amid the volatility of other digital assets.
### **Institutional Influence vs. Retail Momentum**
While institutions are increasingly shaping the crypto landscape, retail investors remain a driving force. TRM Labs’ findings suggest that the market is no longer confined to niche enthusiasts or speculative traders. Instead, crypto is becoming a mainstream financial tool, with implications for global economic systems.
### **The Path Forward**
The report’s key takeaway is clear: despite institutional dominance, retail sentiment is booming. As crypto continues to integrate into the financial mainstream, opportunities for innovation, investment, and financial inclusion are expanding. Whether through the US’s vast market value or India’s grassroots enthusiasm, the digital asset revolution is here to stay.
As regulators and investors navigate this evolving space, the convergence of retail demand and institutional participation could redefine the future of finance. For now, one thing is certain—crypto is no longer a fringe phenomenon. It’s a global movement.