2025年加密货币地理报告

What regional trends reveal about what’s next in crypto Table of Contents Introduction1 Sub-Saharan Africa13 North America19 Latin America26 Asia-Pacific Full Index52 Introduction India and the United States LeadCryptocurrency Adoption Our Global Crypto Adoption Index methodology The Global Crypto Adoption Index is made up of four sub-indices, each of which is based on countries’usage of different types of cryptocurrency services. We rank all 151 countries for which we have sufficientdata on each sub-index, weight the rankings by characteristics including population size and purchasingpower, take the geometric mean of each country’s ranking in all four, and then normalize thatfinal numberon a scale of 0 to 1 to give every country a score that determines its overall ranking. The closer thecountry’sfinal score is to 1, the higher the rank. To calculate our sub-indices, we estimate countries’ transaction volumes for different types ofcryptocurrency services and protocols based on the web traffic patterns of those services’ and protocols’websites. We acknowledge that web traffic data are imperfect, as some crypto users likely employ VPNsand other similar tools to hide their true physical locations. However, given that our index accounts forhundreds of millions of cryptocurrency transactions and more than 13 billion web visits, it is likely that anymisattributed transaction volume due to VPNs is marginal, given the size of the dataset. We also comparefindings with insights from local crypto experts and operators around the world, giving us more confidencein this methodology. Below are descriptions of the sub-indices and how they are calculated, as well as improvements in ourmethodology sincelast year. Sub-index category 1: on-chain cryptocurrency value received by centralized services,weighted by GDP per capita on a PPP-adjusted basis We include this sub-index to rank each country by total cryptocurrency value received on centralizedservices, and weight the rankings to favor countries where that amount is more significant in comparisonto the average person’s income in that country. To calculate this, we estimate the total value receivedon-chain by users of centralized services in each country, and weight that by GDP per capita on a PPPadjusted basis, which measures the country’s income per resident. The higher the ratio of on-chain valuereceived to GDP per capita on a PPP adjusted basis, the higher the ranking. In other words, if two countriesreceived equal amounts of cryptocurrency at centralized services, the country with a lower weighted GDPper capita, on a PPP-adjusted basis, would rank ahead. Sub-index category 2: on-chain retail cryptocurrency value received by centralizedservices, weighted by GDP per capita on a PPP adjusted basis We also estimate the activity of non-professional, individual cryptocurrency users at centralized services,based on the value of crypto they’re transacting compared to the average person’s purchasing power. We do this by estimating the amount of crypto received at centralized services by users in each country —similar to sub-index category 1 — but only counting value received in retail-sized transactions, which wedesignate as transactions under $10,000 worth of crypto. We then rank each country according to thismetric, but weight it to favor countries with a lower GDP per capita on a PPP adjusted basis. Sub-index category 3: on-chain cryptocurrency value received by DeFi protocols,weighted by GDP per capita on a PPP adjusted basis We rank countries by their DeFi transaction volume and weight the rankings to favor countries with lowerGDP per capita on a PPP adjusted basis. Sub-index category 4: on-chain institutional cryptocurrency value received by centralizedservices, weighted by GDP per capita on a PPP adjusted basis We also estimate the institutional activity of users at centralized services, based on the value of cryptothey’re transacting compared to the average person’s purchasing power. We do this by estimating theamount of crypto received at centralized services by users in each country — similar to sub-index category1 — but only counting value received in retail-sized transactions, which we designate as transactions over$1 million worth of crypto. We then rank each country according to this metric, but weight it to favorcountries with a lower GDP per capita on a PPP adjusted basis. Methodology changes Methodology change 1: Removing the retail DeFi sub-index This year, we removed the retail decentralizedfinance (DeFi) sub-index from our calculation of overallon-chain activity. While DeFi continues to represent a significant portion of total transaction volumeglobally, our internal analysis revealed that it constitutes a much smaller share of overall user activity —particularly when compared to centralized platforms. Including retail DeFi as a standalone categoryintroduced a disproportionate emphasis on a relatively niche behavior, resulting in a s