Global retail crypto transactions experienced a significant increase of more than 125 percent between January and September 2025. This growth trend, as reported by blockchain intelligence firm TRM Labs in its Crypto Adoption and Stablecoin Usage Report, mirrors the expansion rates observed throughout the preceding year, 2024.
The majority of this transaction activity was driven by practical applications rather than speculative trading. Key uses included payments, remittances, and the preservation of value in economically volatile conditions. TRM Labs highlighted that individual users are increasingly influential in the industry's evolution, contributing to a more diversified ecosystem that now includes more structured service providers and institutional participants.
Regional Adoption Trends
The United States has seen consecutive years of double-digit expansion in crypto adoption, beginning in 2023. TRM Labs attributes this sustained growth to a confluence of political, regulatory, and structural factors. The passage of the GENIUS Act, focused on stablecoins, and the CLARITY Act, addressing market structure, through Congress were significant developments. Additionally, the US established a joint taskforce with the United Kingdom dedicated to digital assets.
Pakistan has also exhibited similar growth patterns, with the government establishing the Pakistan Crypto Council. Statista projects that Pakistan will reach 28 million crypto users by 2026, out of a total population of 250 million.
Impact of Regulatory Clarity
The substantial 125 percent surge in crypto transactions underscores the direct impact of regulatory clarity on user adoption rates. TRM Labs' findings indicate that the market expansion in the US is not solely a result of enthusiasm but also reflects the compounding effect of clear regulations and political commitment. President Trump signed the GENIUS Act into law on July 18, 2025, following its bipartisan passage in Congress.
The World Economic Forum noted that stablecoin transaction volumes surpassed those of Visa and Mastercard combined in 2024. The GENIUS Act mandates that stablecoin issuers maintain 100 percent reserves in high-quality liquid assets. Furthermore, issuers are required to disclose their reserve composition on a monthly basis and undergo annual audits if their market capitalization exceeds $50 billion. These provisions are designed to ensure consumer protection while simultaneously enabling market growth.
The prevalence of practical use cases demonstrates that crypto adoption extends far beyond investment speculation. Individuals in countries facing capital controls or limited access to foreign exchange are utilizing crypto as an alternative financial tool. Bangladesh, for instance, ranks 14th globally for crypto adoption despite the absence of licensed platforms operating legally within its borders. This pattern is also evident in several North African countries, including Algeria, Egypt, Morocco, and Tunisia, all of which rank within the top 50 for worldwide adoption, even with crypto being banned or restricted in these nations.
Previous reports indicated that 15 US states were advancing plans to hold Bitcoin reserves, with Pennsylvania, Arizona, and New Hampshire proposing allocations of up to 10 percent of public funds. This governmental interest occurred largely without significant mainstream media attention, illustrating that institutional adoption can proceed independently of traditional media coverage patterns.
Broader Industry Implications
The collected data suggests that cryptocurrency is increasingly integrating into the mainstream financial system across a diverse range of regulatory environments. TRM Labs observed that adoption has accelerated in jurisdictions where regulatory clarity and institutional access are present. Conversely, in other regions, adoption has expanded despite formal restrictions or outright bans. These contrasting dynamics collectively point towards a consistent global trajectory for mainstream financial integration.
Stablecoins are emerging as a key trend that exemplifies this shift. Hong Kong enacted its Stablecoin Ordinance in May 2025, requiring issuers to obtain licenses. The European Union's Markets in Crypto-Assets (MiCA) framework addresses stablecoins through categories such as e-money tokens and asset-referenced tokens. Under EU law, only licensed institutions are permitted to issue these instruments. This global coordination indicates an ongoing evolution of regulatory frameworks towards greater standardization.
A 2023 report by the Financial Stability Board and the International Monetary Fund reached similar conclusions regarding the ineffectiveness of outright bans. These agencies stated that blanket prohibitions often prove ineffective and can inadvertently increase the incentives for individuals to use cryptocurrencies. TRM Labs also noted that jurisdictions with bans frequently outrank countries with permissive or regulated frameworks, suggesting that grassroots demand for alternative financial tools can overcome formal restrictions.
The competitive landscape for stablecoins is poised for significant transformation. Major banking institutions, including JPMorgan, Bank of America, and Citi, are reportedly in preliminary discussions to issue a unified digital dollar. The entry of traditional financial institutions into this space is expected to reshape market dynamics. However, their inherent reliance on customer bases with high transaction fees might limit their ability to compete effectively with existing providers. The regulatory clarity provided by the GENIUS Act is anticipated to accelerate both institutional adoption and competition among stablecoin issuers.