Рынок криптовалют продолжает расти: Южная Азия и США стали главными драйверами Translation: Cryptocurrency market continues to grow: South Asia and the USA emerge as key drivers.

From January to September 2025, the volume of global retail operations involving digital assets surged by 125%. This is highlighted in a report by TRM Labs.

The fastest-growing region for cryptocurrency adoption was South Asia, where the rate skyrocketed by 80%, reaching $300 billion.

India claimed the top position among all countries globally. Analysts attribute its leading status to a strong interest in digital assets among the sizable young population.

“There is also a growing demand for cryptocurrency as an asset class among institutional investors and high-net-worth individuals, which accelerates the adoption of digital assets in India,” the experts added.

Pakistan also ranked in the top three, where government support boosted user adoption. In March, the country’s government established a special council for cryptocurrency promotion.

Interestingly, increased acceptance is noted in countries where digital assets are prohibited. Bangladesh (14th place), Egypt (20th), Morocco (21st), Algeria (33rd), and Tunisia (42nd) made it into the top 50.

“This confirms that outright bans are ineffective and can actually enhance the incentives for illegal activities through P2P and OTC trading,” emphasized TRM Labs.

The United States ranks second in cryptocurrency adoption. According to TRM Labs, the volume of digital asset transactions in the country rose by 50%, exceeding $1 trillion.

Experts indicate that organic growth began in 2023 but accelerated in 2024 and 2025 due to “political, regulatory, and structural factors.”

Analysts highlighted Donald Trump’s presidential campaign, which started accepting donations in digital assets. His election victory triggered a surge in crypto activity:

“TRM’s analysis showed that web traffic from the U.S. to VASP sites increased by 30% in the six months following the election compared to the previous period.”

Further steps toward establishing clearer regulatory frameworks for the crypto market have strengthened participant confidence. In particular, specialists noted the adoption of the GENIUS Act and CLARITY Act, as well as the formation of a task force on digital assets at the U.S. presidency.

According to TRM Labs, stablecoins continue to play a crucial role in global cryptocurrency adoption. They accounted for 30% of the digital asset transaction volume.

The transactions involving fiat-pegged assets reached a record high of over $4 trillion, marking an 83% increase over the year. The share of leading stablecoins—USDT and USDC—increased by 52% in the crypto market during this period.

Approximately 99% of stablecoin transactions are not linked to criminal activity. However, in the first quarter, they accounted for 60% of the total illegal volume associated with cryptocurrencies.

Investment fraud emerged as the primary source of growth in illicit transactions. Nonetheless, excluding stablecoins from the analysis indicates that sanctions evasion schemes are the main driver of illegal trade.

It is important to recall that in May, Alek Bekman of Psalion predicted a rise in digital asset adoption among users to 10% by the end of 2025.