Key Highlights
- Global retail crypto transactions surged by over 125% for two years in a row
- The majority of this increased activity is tied to essential, practical uses such as payments, remittances, and preserving value during volatile economic conditions, demonstrating the industry’s maturation beyond pure speculation
- Specific jurisdictions like the US saw accelerated growth due to new regulatory bills and political commitment, while nations like Pakistan benefited from friendly lawmakers and policy moves fostering “soaring grassroots adoption.”
- Crypto adoption is also rising in countries with bans or restrictions proving that grassroots demand for alternative financial tools often outweighs formal restrictions, a finding supported by reports from the FSB and IMF
The blockchain intelligence firm TRM Labs recently published its “Crypto Adoption and Stablecoin Usage Report,” delivering a clear verdict: the ongoing global effort to establish clear rules for cryptocurrencies is the main catalyst behind an unprecedented surge in retail-level transactions. According to the report, improving regulatory certainty has given ordinary people the “peace of mind” needed to enter the digital asset space, driving significant and sustained growth.
The evidence for this trend is compelling. Global retail crypto transactions have increased by a stunning 125% for two consecutive years. This rate of expansion was recorded between January and September 2025, mirroring the extraordinary growth seen throughout 2024. This consistent, doubled-digit growth signals that the crypto market is maturing beyond a speculative niche and evolving into a crucial component of the global financial toolkit for millions of individuals.
Crucially, this explosive adoption is not primarily tied to high-risk speculative trading. The majority of the activity analyzed by TRM Labs is linked to profoundly practical, day-to-day use cases. These include essential functions such as sending money across borders (remittances), making everyday payments, and, critically, preserving financial value in unstable or volatile economic conditions. This pattern demonstrates that individuals are actively using digital assets to solve real-world financial problems, thereby playing an increasing and vital role in steering the industry’s evolution. While the market has traditionally been seen as driven by enthusiastic solo users, the report acknowledges that the ecosystem’s maturation has led to a diversified footprint, with more established, structured service providers and large institutional participants now also influencing transaction patterns.
The Impact of Clarity in Key Jurisdictions
The TRM Labs report highlights several key regions where regulatory clarity has catalyzed growth.
The United States:
The US market has experienced two consecutive years of significant expansion, a trend that began in 2023 and has since been reinforced and accelerated. The firm attributes this not just to general market enthusiasm but to a potent combination of structural, political, and regulatory developments that have successfully opened the market to a new wave of participants. The growth is viewed as “the compounding effect of regulatory clarity and political commitment.”
Since the start of the year, the US has demonstrated serious legislative intent toward integrating and regulating the digital asset space. This includes significant regulatory pushes, such as proposed bills like the GENIUS Act, which is aimed at providing clear guidelines for stablecoins, and the CLARITY Act, a market structure bill designed to create an unambiguous legal framework. Furthermore, the establishment of a joint task force with the United Kingdom on financial technology demonstrates a commitment to global regulatory alignment. These actions signal to both consumers and institutions that the US government is moving toward acceptance and integration, not opposition, which has been instrumental in building trust.
Pakistan’s Grassroots Boom:
On the other side of the world, Pakistan is cited as a prime example of a nation where friendly lawmakers and strategic policy decisions have fostered “soaring grassroots adoption.” The country’s crypto scene has benefited from key policy moves, including the government’s establishment of the Pakistan Crypto Council and the announced plans to create a dedicated crypto regulator. This forward-looking approach is fueling massive interest. By 2026, the number of crypto users in Pakistan is estimated by online data platform Statista to hit 28 million, a significant figure in a country with a population of 250 million, underscoring the success of official encouragement.
The Paradox of Bans: Grassroots Demand Outweighs Restrictions
Perhaps the most compelling finding of the report is the counterintuitive pattern observed in jurisdictions that have imposed severe restrictions or outright bans on crypto activity. TRM Labs concludes that bans are often ineffective and sometimes even accelerate adoption, highlighting a consistent global trajectory: crypto is moving further into the financial mainstream, often driven by the rise of stablecoins.
Case Study: Bangladesh
Bangladesh serves as a striking example of this paradox. Despite the country having no legally licensed crypto platforms and its central bank, Bangladesh Bank, issuing warnings about digital asset use since 2014, adoption is climbing. The firm points out that ongoing capital controls and limited access to reliable foreign exchange have made cryptocurrencies an “attractive option” for individuals seeking viable alternatives to traditional, constrained financial systems. The immediate utility and accessibility of crypto overshadow the formal warnings.
North Africa’s Resilience:
A similar pattern is unfolding across several North African nations, including Algeria, Egypt, Morocco, and Tunisia. In all four of these countries, crypto is either heavily restricted or officially banned. Yet, remarkably, all four jurisdictions rank in the top 50 for worldwide crypto adoption. In fact, these restricted nations “outrank several countries with permissive or regulated frameworks,” suggesting a powerful reality: grassroots demand for alternative, efficient financial tools is a force strong enough to outweigh formal government restrictions.
This conclusion that blanket bans are often ineffective and can even increase the incentives for people to use cryptocurrencies is not unique to TRM Labs. A joint report issued by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) in September 2023 reached an identical conclusion. The global consensus is forming: regulatory clarity brings stability and explosive growth, while attempts at prohibition merely push activity underground, underscoring the irreversible global trend toward crypto’s integration into the mainstream economy.
