A clearer global regulatory environment is driving a massive boom in retail crypto activity, according to a new report from TRM Labs. The firm released the Crypto Adoption and Stablecoin Usage Report on Tuesday.
The report finds that worldwide retail digital asset transactions surged by more than 125% between January and September 2025, marking the second consecutive year of triple-digit growth.
TRM Labs said most of this activity stems from real-world use cases such as payments, remittances, and value preservation in inflationary economies, underscoring the growing role of individual users in shaping the digital asset industry’s evolution.
“As the ecosystem has matured, however, the footprint of crypto activity has diversified, with more structured service providers and institutional participants shaping transaction patterns,” the report noted.
Crypto Regulatory Progress Fuels Confidence
In the United States, TRM Labs attributed the sustained growth that began in 2023 to a combination of political support, regulatory clarity, and market structure reforms, which have opened the crypto market to a broader base of participants.
“The U.S. market’s two consecutive years of double-digit expansion reflect not just enthusiasm, but the compounding effect of regulatory clarity and political commitment,” the firm wrote.
Recent policy milestones include the GENIUS Act focused on stablecoins, the CLARITY Act on digital asset market structure, and the launch of a joint U.S.–U.K. task force for digital asset oversight. Together, these initiatives have strengthened consumer confidence and encouraged more mainstream participation.
The report also highlighted Pakistan as one of the fastest-growing markets, thanks to “soaring grassroots adoption” supported by government initiatives. The creation of the Pakistan Crypto Council and plans for a dedicated crypto regulator have accelerated the country’s digital asset expansion.
According to Statista, the number of digital asset users in Pakistan is projected to reach 28 million by 2026, out of a population of 250 million.
“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,” TRM Labs observed.
Bans Prove Ineffective as Adoption Persists
The report also found that even countries with strict crypto bans or capital controls have seen strong adoption. For example, in Bangladesh, no licensed exchanges operate legally, yet citizens continue using digital assets as a workaround for limited access to foreign exchange.
A similar pattern is emerging in North Africa despite bans or restrictions in Algeria, Egypt, Morocco, and Tunisia. These all countries rank among the top 50 countries for global crypto adoption.
A joint Financial Stability Board and IMF study from 2023 reached a similar conclusion, stating that blanket bans often backfire, driving activity underground rather than deterring it.
As the TRM Labs report makes clear, whether enabled by regulation or driven by necessity, crypto adoption continues to rise globally.