Emerging markets could influence where Web3 grows next because recent crypto-activity estimates show strong momentum in Asia-Pacific, Latin America, and Sub-Saharan Africa—and connect that activity to practical financial contexts such as payments, remittances, savings, and access to dollar-linked stablecoins. But these figures measure estimated crypto activity, not all Web3 use or the number of people who adopt it. They point to a plausible direction, not a proven forecast.
What the recent growth figures show
For the 12 months ending June 2025, Chainalysis reported year-over-year growth in on-chain value received across three regions often grouped within the Global South. The IMF’s October 2025 Crypto Assets Monitor summarized the same pattern, rounding the Asia-Pacific figure.
| Region | Reported growth | What the figure represents |
|---|---|---|
| Asia-Pacific (APAC) | 69% year over year (Chainalysis, 2025); around 70% in the IMF’s October 2025 monitor | Estimated on-chain value received during the 12 months ending June 2025 |
| Latin America | 63% year over year (Chainalysis, 2025) | Estimated crypto activity during the 12 months ending June 2025 |
| Sub-Saharan Africa | 52% year over year (Chainalysis, 2025) | Estimated crypto activity during the 12 months ending June 2025 |
These are estimates of activity involving centralized and decentralized services, not direct counts of people, transactions by unique users, or proof that access to financial services improved. A rise in value received could reflect different kinds of activity; it does not by itself show why activity grew or whether the change lasted.
Which countries are prominent in the 2025 index?
Chainalysis’s 2025 overall index placed several emerging-market economies among its top ten. The ranking combines measures of activity and should not be read as a census of crypto owners or a league table of all Web3 adoption.
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| Overall position in 2025 | Country |
|---|---|
| 1 | India |
| 3 | Pakistan |
| 4 | Vietnam |
| 5 | Brazil |
| 6 | Nigeria |
| 7 | Indonesia |
| 9 | Philippines |
The full 2025 top ten also included the United States at second, Ukraine at eighth, and Russia at tenth. Chainalysis separately presents a population-adjusted ranking, led by Ukraine, Moldova, and Georgia; that is a different comparison and should not be mixed with the overall positions above.
Why everyday finance may matter
The regional pattern is important not simply because activity is increasing, but because the sources associate crypto use in these markets with financial needs that can be immediate and practical. These are plausible contexts for adoption, not evidence that each use is widespread in every country or that it necessarily benefits users.
Remittances and payments
Chainalysis describes remittances and everyday payments as relevant contexts for activity in Sub-Saharan Africa, and reports growth across retail and institutional activity in Latin America. A blockchain-based transfer may offer another way to move value, but the growth figures do not establish that a particular transfer is cheaper, faster, safer, or available to every recipient. Fees, cash-out options, local rules, and access to reliable services all matter.
Savings and dollar access
Stablecoins—crypto tokens designed to track the value of an asset such as the U.S. dollar—may be relevant where people seek a digital way to hold or transfer dollar-linked value. The Chainalysis 2025 report overview discusses stablecoins in remittances, commerce, and inflation hedging. That identifies areas of interest; it does not establish how common these uses are country by country, or whether holding a stablecoin is safe or suitable for an individual.
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Mobile-first access
Mobile-first finance is another part of the explanation: people may encounter digital-asset services through phones and online platforms rather than traditional financial infrastructure. But a phone alone does not guarantee access. Connectivity, liquidity, service eligibility, and the ability to use funds in local markets can all affect whether an application works in practice.
Why these measures are not a count of Web3 adoption
Web3 is a broad label that can include blockchain-based applications and services beyond cryptocurrency trading or transfers. The figures here concern crypto activity measured through on-chain estimates and an index; they do not measure every Web3 application, confirm lasting participation, or show how many distinct people are involved.
Chainalysis says its 2025 index continues to focus primarily on grassroots adoption but adds an institutional activity sub-index for transfers above $1 million and removes the retail DeFi sub-index. The overall score therefore should not be treated as a pure measure of retail users. The IMF also cautions that Chainalysis estimates rely on web-traffic estimates and methods that are updated frequently, and says further analysis may be needed to validate the findings.
Why rankings can shift—and why growth can be fragile
Rank movement between annual editions is not a straightforward measure of how many new users appeared. In the 2024 Chainalysis index, India ranked first, Nigeria second, Indonesia third, Vietnam fifth, and the Philippines eighth. In 2025, their positions were first, sixth, seventh, fourth, and ninth, respectively. Chainalysis changed parts of its methodology: for example, its 2024 index excluded the P2P exchange sub-index after activity declined and LocalBitcoins shut down; the 2025 edition also changed its component measures. The IMF’s caution about estimation and frequent methodological updates applies when comparing these rankings over time.
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Chainalysis also notes that activity in low-income countries can be more volatile and episodic. Policy shocks, connectivity or liquidity constraints, and conflict-related disruption can contribute to sharp changes. Its Afghanistan example relates to the 2021 U.S. withdrawal; it should not be generalized to all low-income countries.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What would make the next phase durable?
Strong activity estimates make emerging markets important to watch, but they do not settle whether growth will become lasting, useful Web3 participation. A more grounded assessment separates several questions:
- Purpose: Is activity tied to transfers and payments, or primarily to investment and savings?
- Participants: Is activity grassroots and retail, institutional, or a mix? An overall index can combine different kinds of activity.
- Usable infrastructure: Can people connect, access services, and move value into or out of local markets?
- Local policy and eligibility: Are relevant services permitted and available to residents under applicable rules?
- Durability: Does activity continue over time, or does it surge and reverse after a policy change or disruption?
The available regional estimates and rankings do not answer those questions at country level. They establish a meaningful signal of activity, while local regulation, service access, transaction costs, unique-user counts, and sustained participation require separate evidence.
What the evidence supports
Recent estimates support the view that several emerging-market regions are becoming significant centers of crypto activity, with Asia-Pacific showing the fastest growth among the regions cited for the 12 months ending June 2025. The association with payments, remittances, savings, stablecoins, and mobile-first finance helps explain why this activity could shape Web3’s next phase. Whether it will do so depends on reliable access, local conditions, and sustained use—not on growth rates or index ranks alone.
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