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The Philippines emerged as one of the world’s leading crypto adopters, ranking fourth globally in blockchain intelligence firm TRM Labs’ 2025 Country Crypto Adoption Index. The country climbed from the eighth place in 2024.
2025 Crypto Adoption Report
According to the 2025 Crypto Adoption and Stablecoin Usage Report, the Philippines joined India, the United States, Pakistan, and Brazil in the top five countries with the highest levels of digital asset adoption between January and July 2025.
The report, which analyzed on-chain transaction volumes relative to each country’s economic size, highlighted strong retail-led crypto activity across developing economies, including Southeast Asia.
It noted that in the Philippines, this aligns with the increasing use of crypto for cross-border transactions and financial inclusion, especially in areas underserved by traditional banking systems.
TRM Labs then expressed that global crypto adoption accelerated in 2025, driven by everyday users utilizing digital assets for payments, remittances, and value preservation amid volatile economic conditions.
“This rise in retail-led adoption indicates that individuals are playing an increasing role in shaping crypto’s evolution, with activity often tied to practical use cases such as payments, remittances, and preserving value in volatile economic conditions.”
TRM Labs, Author, 2025 Crypto Adoption and Stablecoin Usage Report
Last September, Chainalysis 2025 Global Crypto Adoption Index revealed that the Philippines dropped one spot to ninth place, continuing its decline from a peak of second place in 2022. Despite the slide, the country remains among the world’s top 10 markets for grassroots crypto use, driven by strong retail engagement but lagging in decentralized finance adoption.
Crypto Adoption in South Asia is Fastest
According to TRM Labs, South Asia has become the fastest-growing region for cryptocurrency adoption in 2025, with activity rising 80% between January and July compared with the same period last year. The region’s total crypto transaction volume reached approximately $300 billion, driven by a mix of regulatory developments, grassroots participation, and institutional interest.
- India maintained its position as the world’s top-ranked country for crypto adoption, followed by Pakistan at third and Bangladesh at 14th.
- TRM Labs attributed India’s dominance to its young, tech-savvy population, a growing crypto-fluent middle class, and a thriving developer ecosystem.
- There is also rising interest among institutional and high-net-worth investors, which has further accelerated adoption, as per the report.
- In Pakistan, recent government initiatives have supported the growth of crypto. The establishment of the Pakistan Crypto Council in March 2025 and plans to create a dedicated Pakistan Virtual Assets Regulatory Authority have signaled official intent to foster the country’s blockchain and crypto ecosystem.
- Meanwhile, despite a continuing ban on crypto in Bangladesh, TRM Labs reported that adoption persists through underground channels.
- Limited access to foreign exchange and strict capital controls have driven individuals to use digital assets as alternative financial tools.
Stablecoin Adoption
The report also shared that stablecoin adoption surged in 2025, accounting for 30% of global crypto transaction volume.
The firm reported that stablecoin transactions reached a record $4 trillion during the period, an 83% increase from the previous year, as users in developing economies turned to dollar-pegged tokens for stability amid volatile local markets.
- TRM Labs noted that Tether’s USDT and Circle’s USDC dominated the sector, representing 93% of total stablecoin market capitalization, with over 90% of fiat-backed tokens pegged to the U.S. dollar.
Regulatory momentum also strengthened globally, with the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, also known as GENIUS Act in the U.S.; Hong Kong’s Stablecoin Bill; and the implementation of the EU’s Markets in Crypto-Assets Regulation.
- However, while 99% of stablecoin activity remains licit, TRM Labs found that stablecoins accounted for 60% of illicit crypto transaction volume in the first quarter of 2025, mainly linked to investment fraud, followed by a sharp rise in extortion and blackmail activity, up 380% year over year.
- Meanwhile, sanctions-related transactions involving leading stablecoins declined by $5.2 billion, suggesting that enforcement pressure is pushing some bad actors toward alternative digital assets.
Overall, TRM Labs concluded that as regulation progresses and user trust grows, stablecoins are poised to play an even greater role in global crypto activity in the coming year.
“This year’s report reinforces that crypto adoption is not driven by a single factor, but rather reflects a diverse and evolving set of incentives shaped by local economic conditions, user behavior, and regulatory environments.
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. These contrasting dynamics point to a consistent trajectory: crypto is moving further into the financial mainstream. A key trend underscoring this shift is the rise of stablecoins.”
TRM Labs, Author, 2025 Crypto Adoption and Stablecoin Usage Report
This article is published on BitPinas: PH Among Top 5 Crypto Adoption Globally Due to Strong Retail Use — Study
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