South Asia’s Crypto Revolution: Global Adoption Skyrockets While US Dominates Trading Volumes — TRM Labs Report
Emerging markets are rewriting the crypto rulebook while Wall Street counts its coins.
The Global Adoption Surge
South Asia has become the unexpected epicenter of cryptocurrency adoption, with grassroots adoption rates surging past traditional financial hubs. Meanwhile, the United States maintains its iron grip on trading volumes—proving that while innovation happens in the streets, the big money still flows through established channels.
Volume Versus Velocity
The data reveals a fascinating split: developing nations are driving user growth through practical applications and financial inclusion, while developed markets continue to dominate capital flows. It's the classic tale of quantity versus quality—or in this case, adoption versus accumulation.
Regional Dynamics Reshaping Crypto
From mobile-first economies to remittance corridors, South Asian nations are leveraging crypto for real-world utility rather than speculative plays. The technology isn't just an investment vehicle—it's becoming embedded in daily financial infrastructure while traditional finance debates regulatory frameworks.
As the landscape evolves, one thing becomes clear: crypto's future might be written in emerging markets, but the checks are still being signed in established financial centers—because nothing says innovation like keeping score in dollars.
US Crypto Market Tops $1 Trillion as Regulations Boost Institutional Confidence
Meanwhile, the US recorded strong growth in trading and transaction activity, with total volume rising 50% in the first seven months of 2025 to exceed $1 trillion.
TRM attributed this momentum to favorable regulatory moves, including the GENIUS Act and the WHITE House’s 180-Day Digital Assets Report, both of which have helped provide greater clarity for institutional players.
A major driver of adoption, the report said, was the rapid rise of stablecoins, which now account for about 30% of all crypto transactions.
By August 2025, stablecoin transaction volumes hit a record $4 trillion, up 83% year-over-year.
According to TRM, Tether (USDT) and Circle (USDC) dominated the market, representing roughly 93% of total stablecoin capitalization.
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Retail adoption also surged, with the number of smaller, individual transactions climbing 125% between January and September 2025 compared to the same period in 2024.
TRM said this reflects crypto’s growing utility for payments, remittances, and value preservation during periods of macroeconomic instability.
“In some jurisdictions, adoption has accelerated in response to regulatory clarity and institutional access; in others, it has expanded despite formal restrictions or outright bans,” the report said.
“These contrasting dynamics point to a consistent trajectory: crypto is moving further into the financial mainstream. A key trend underscoring this shift is the rise of stablecoins.”
Asian Family Offices Pour $100M Into Crypto
As reported, wealthy Asian families and their investment arms are rapidly increasing their exposure to crypto, driven by strong market returns, favorable regulation, and the perception that digital assets are now a Core part of diversified portfolios.
Jason Huang, founder of Singapore-based NextGen Digital Venture, said his firm raised more than $100 million in just a few months for its new long-short crypto equity vehicle, the Next Generation Fund II.
“Our investors — mainly family offices and internet or fintech entrepreneurs — recognize the growing role of digital assets in diversified portfolios,” Huang said. His first fund, wound down last year, had returned 375% in under two years.
The growing allocation is also being noted by major banks. UBS said some overseas Chinese family offices plan to increase crypto exposure to around 5% of their holdings.
