Russia and Ukraine have dropped in the cryptocurrency adoption ranking.

# Russia and Ukraine have dropped in the Chainalysis cryptocurrency adoption ranking.

Ukraine and Russia ranked eighth and tenth respectively in the global cryptocurrency adoption index for 2025 from the analytical company Chainalysis.

​ 🌏 The Chainalysis 2025 Global Cryptocurrency Adoption Index is L I V E!

Here’s a snapshot of what we found:
🔹APAC is emerging as the fastest-growing region 🔹Eastern Europe countries dominate the index, when adjusted for population
🔹 Stablecoins are surging globally for a… pic.twitter.com/XGdbscCq48

— Chainalysis (@chainalysis) September 3, 2025

The top five leaders were India, the USA, Pakistan, Vietnam, and Brazil. The top 10 also included Nigeria, Indonesia, and the Philippines.

Leaders by Regions

The Asia-Pacific region has become a leader in the growth rates of cryptocurrency transactions. The figure increased by 69% - from $1.4 trillion to $2.36 trillion. The active participation of key markets - India, Vietnam, and Pakistan - played a significant role.

Source: Chainalysis In Latin America, the volume of crypto transactions increased by 63% over the year. The Middle East and North Africa showed more modest growth of 33%.

North America and Europe remain leaders. They accounted for over $2.2 trillion and $2.6 trillion respectively.

Chainalysis emphasized that the dominant positions of these regions are due to the improvement of the regulatory framework for crypto assets and institutional demand, supported by the launch of spot Bitcoin ETFs.

USDT and USDC are yielding to smaller stablecoins

The overwhelming majority of "stablecoin" transactions still involve USDT and USDC. From June 2024 to June 2025, the monthly transfer volume of Tether's stablecoin exceeded $1 trillion, while Circle's asset fluctuated between $1.23 trillion and $3.28 trillion.

"However, upon deeper analysis, an interesting dynamic emerges. USDT and USDC displayed fluctuations and slight volatility, while smaller stablecoins like EURC, PYUSD, and DAI showed rapid growth," noted the experts.

The average monthly increase in EURC trading volume was about 89%. At the same time, its 30-day turnover grew from $47 million in June 2024 to $7.5 billion by June 2025. A similar situation occurred with PYUSD: the figure surged from $783 million to $3.95 billion over the same period.

Source: Chainalysis Analysts explained this dynamic by local needs and regulations.

"The growth of USDC is closely tied to American institutional systems and regulated sectors, while the popularity of EURC indicates a growing interest in digital assets denominated in euros, possibly due to the relevant MiCA regulations for platforms and their implementation in European fintech," the Chainalysis report states.

Bitcoin - the main "Gate" to the crypto economy

Analysts also investigated cryptocurrency purchases on CEX paired with fiat. Among all digital assets, Bitcoin led by a large margin. Digital gold accounted for $4.6 trillion over the year.

The top 5 included L1 blockchain tokens, stablecoins, altcoins, and low-liquid coins.

Source: Chainalysis Let us remind you that in the global cryptocurrency adoption ranking for 2024 by Chainalysis, the top positions were taken by India, Nigeria, Indonesia, the USA, and Vietnam.