Current State of Crypto Adoption
Crypto adoption has soared in recent years, a consequence of maturing technology and a brightening regulatory landscape. From retail traders and institutions to merchants and everyday consumers, the switch from crypto-curious to crypto connoisseur has been hard to ignore.
With that said, it’s important to withdraw from the echo chamber once in a while to assess just how widespread adoption is – as well as to ponder the industry’s key drivers and direction of travel. Just as one gets an inaccurate picture of public sentiment from inhabiting a social media bubble, the same is true of the cryptosphere.
So, where are we headed? And how far away is true mainstream adoption?
A Feel-Good Factor Driven by Regulation and Infrastructure
The latest Crypto Adoption and Stablecoin Usage Report, which evaluated digital asset adoption throughout the world during the first half of 2025, provides a valuable starting point for understanding this topic.
According to the report, US crypto activity surged by 50% between January and July compared to the same period last year, while adoption has also accelerated in key markets like South Asia and North Africa. Moreover, stablecoins have recorded their highest annual volume, reaching over $4 trillion for the year to date.
While the credit cannot be laid at one door, the signing into law of both the GENIUS and Clarity Acts has boosted the confidence of financial institutions and large corporations where blockchain and crypto are concerned. The ripple effect of these laws is being felt far and wide; the fact that we are still in a bull market only amplifies the feel-good factor.
Aside from the introduction of a comprehensive US regulatory framework, the maturation of institutional-grade digital asset infrastructure has also convinced many formerly wary entities to dip their toes in the space. This is reflected by the activity of such companies: institutional infrastructure platform Hercle, for example, recently announced $60 million in new capital, while another infrastructure provider, Taurus, expanded into the US for the first time.
According to the aforementioned report, while DeFi activity previously represented a large share of the index, more structured service providers and institutional participants (attracted by regulated products like spot BTC/ETH ETFs) have begun to influence transaction patterns. Or to put it another way, we aren’t in Kansas anymore.
Developments on the Ground and Web3's Cultural Impact
Most ordinary people don’t pay much attention to what institutions are doing. But developments on the ground are also catching the eye. Take the recent partnership between Concordium and Bitcoin.com, which enables privacy-preserving age-verified payments for over 60 million wallet holders. Or the fact that stablecoins are increasingly being used by businesses for operational and payroll needs.
The cultural impact of Web3 technology is also undeniable. NFL Rivals, an officially licensed mobile sports game that features non-fungible tokens (NFTs) and is powered by a blockchain-based economy, has racked up over 7 million downloads. Some of the world’s biggest sports teams – including Paris Saint-Germain and Barcelona – have also launched their own fan tokens, enabling supporters to invest in their success.
The Next Wave of Adoption: Seamless Access and Fiat On-Ramps
The logical question to ask, of course, is which drivers will provoke the next major wave of adoption?
“The next phase of meaningful adoption in crypto will not come from new protocols, but from improving how users access the system,” predicts Lingling Jiang, Partner at market maker DWF Labs. “Unless fiat on- and off-ramps are seamless, compliant, and trusted, participation will remain fragmented. These ramps are not just technical tools – they determine how capital enters and exits the ecosystem, and how long it stays.”
“For institutional investors, the first questions are often simple: how do I enter, and how do I exit without friction? Everything else depends on solving that access point.”
Where ramps are concerned, the news that Western Union will next year launch its own stablecoin (USDPT) and network is likely to be welcomed by many. Per the announcement, the company is teaming up with wallets and wallet providers to grant customers seamless access to cash on/off-ramps through stablecoins.
In a conversation with Bloomberg, CEO Devin McGranahan praised stables for their ability to slash costs and reduce friction in international remittances.
Elsewhere, London-based stablecoin clearing startup Uxyk is on a mission to enable anyone, anywhere, to deposit stablecoins into existing bank and fintech accounts. Talk about tearing down the barriers between Web2 and Web3! If the banks are able to accept and redeem stablecoins (and not just those backed by USD), the game will be completely changed.
Onboarding the Next Billion Users
There are already over half a billion crypto users, but ‘onboarding the next billion’ remains the stated goal of many Web3 companies. While none of them are likely to achieve it single-handedly, a collective effort – to abstract complexity, inspire trust, tighten security, and boost retention – will likely make this objective a reality. Here’s to the next wave of killer apps, protocols, and platforms.