TLDR
- Global retail crypto TXs increased by more than 125% between January and September 2025.
- TRM Labs attributed the growth to stronger regulatory clarity and supportive political measures worldwide.
- The United States saw two consecutive years of double-digit crypto TXs growth, supported by new legislation and structural changes.
- Pakistan experienced a sharp rise in crypto TXs driven by grassroots adoption and new government-led crypto initiatives.
- Crypto TXs grew even in countries with bans or restrictions due to limited access to traditional financial systems.
Retail crypto TXs surged over 125% globally between January and September 2025, driven by regulatory improvements and institutional support. TRM Labs reported two consecutive years of such growth in its Crypto Adoption and Stablecoin Usage Report. Retail users continued to adopt cryptocurrency for payments, remittances, and value preservation in uncertain economies.
US Growth Driven by Policy and Market Structure
Crypto transactions in the United States maintained strong momentum in 2023, with further growth in 2025, driven by policy support. TRM Labs attributed this growth to regulatory frameworks, such as the CLARITY Act and the GENIUS Act, which were passed earlier in the year. These efforts also include a US-UK joint task force focusing on market infrastructure and stablecoins.
New regulatory actions improved access and reduced barriers for retail participants, enabling rapid expansion in retail crypto TXs. The US achieved two straight years of double-digit growth due to regulatory certainty and political will. TRM Labs wrote, “The US market’s two consecutive years of double-digit expansion reflect… the compounding effect of regulatory clarity.”
The shift from speculative use to practical applications reinforced the rise of retail crypto TXs across key demographics. Institutions also played a role, but individual adoption has grown faster under structured policies. The data shows retail users are becoming key drivers of transaction patterns.
Pakistan Sees Surge in Retail Use Despite Economic Challenges
Retail crypto TXs in Pakistan rose sharply, supported by favorable policy measures and a proactive legislative environment. Lawmakers established the Pakistan Crypto Council and announced the creation of a new regulatory body focused on digital assets. These efforts contributed to “soaring grassroots adoption,” according to TRM Labs.
Pakistan’s crypto user base is expected to reach 28 million by 2026, based on estimates from Statista. Despite economic volatility, regulatory clarity enabled an increase in retail crypto transactions across both urban and rural areas. Users turned to crypto as a store of value and for remittance services.
Crypto TXs grew regardless of traditional financial system weaknesses, thanks to user-driven demand and digital tools. The transition from informal usage to a more structured system created opportunities for new participants. TRM Labs stated that such changes drove adoption, even in previously underbanked communities.
Restrictions Fail to Prevent Global Growth in Crypto TXs
Retail crypto transactions continued to expand in countries with restrictive or unclear regulations, including Bangladesh and several North African nations. Bangladesh has no licensed platforms and maintains strict capital controls, yet users still engage in crypto TXs for currency access. Limited forex availability prompted users to turn to decentralized alternatives.
In Algeria, Morocco, Egypt, and Tunisia, bans exist, but grassroots activity ranks high globally. TRM Labs noted that these countries outperform others with permissive regulations, indicating strong demand. “Grassroots demand… can outweigh formal restrictions,” the report stated.
