Emerging markets could help shape Web3’s next phase because recent crypto-activity estimates show strong growth across Asia-Pacific, Latin America and Sub-Saharan Africa, alongside use cases tied to payments, remittances, savings and access to dollar-linked stablecoins. That is a plausible direction, not a proven forecast: the available figures measure estimated on-chain crypto activity, not all Web3 use, unique users or lasting financial inclusion.
What the latest growth figures show
For the 12 months ending in June 2025, Chainalysis reported year-over-year growth in estimated on-chain value received of 69% in Asia-Pacific (APAC), 63% in Latin America and 52% in Sub-Saharan Africa. The IMF’s October 2025 Crypto Assets Monitor summarized APAC’s increase as around 70%, rounding the Chainalysis figure.
These are estimates of activity involving centralized and decentralized services, not counts of people opening wallets or proof that crypto is improving access to financial services. They show where estimated transaction activity grew, not whether the same pace will continue.
Which countries rank highly—and what the rankings mean
Chainalysis’s 2025 overall index placed seven emerging-market economies among its top ten. The 2024 column below provides a comparison only for countries whose earlier rank is specified in the 2024 index; “not stated” means that index’s rank is not established here, not that the country was absent.
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| Country | 2025 overall rank | 2024 overall rank |
|---|---|---|
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| Pakistan | 3 | not stated (Chainalysis 2024 index) |
| Vietnam | 4 | 5 |
| Brazil | 5 | not stated (Chainalysis 2024 index) |
| Nigeria | 6 | 2 |
| Indonesia | 7 | 3 |
| Philippines | 9 | 8 |
The 2025 top ten also included the United States at second, Ukraine at eighth and Russia at tenth. A separate population-adjusted view had Ukraine, Moldova and Georgia at the top; it is a different ranking, not an alternative reading of the overall list. These rankings indicate relative estimated activity under Chainalysis’s method, not a census of crypto owners or a direct measure of adoption by the typical resident.
Why activity may matter in everyday finance
Emerging-market crypto activity is often discussed in connection with practical financial needs as well as investing. Chainalysis’s 2025 coverage identifies remittances and everyday payments in Sub-Saharan Africa, and discusses stablecoins in remittances, commerce and inflation hedging. Dollar-linked stablecoins may be relevant where people seek access to dollar-denominated value, while mobile-first finance can make digital services a natural point of access.
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These are useful contexts for understanding why activity might grow, not proof that any one use is widespread in every country or that crypto is cheaper, safer or more reliable than the alternatives. Actual usefulness depends on the transaction, available services, local rules and the ability to convert between crypto and local money.
What could make emerging markets influential in Web3’s next phase
The case is not simply that transaction volumes are rising. If people and businesses use blockchain-based services to address day-to-day needs, their requirements can influence which products are built, how they work on mobile devices, and how they connect to payments and financial infrastructure. Growth across distinct regions also suggests there is no single “emerging-market” pattern: remittances, retail payments, savings, institutional transfers and access to financial services can matter in different combinations.
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That makes these markets potential shapers of product design and service delivery, rather than just new audiences for technologies developed elsewhere. But the current evidence establishes activity trends and candidate use cases; it does not show which applications will endure, whether participation will broaden, or whether the resulting systems will deliver better outcomes.
How to distinguish durable adoption from a surge
A high ranking or rapid year-over-year increase is a starting point for analysis, not a verdict on long-term adoption. A more useful assessment asks:
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- What activity is being measured? Separate estimated on-chain value from unique people, repeat use and real-world outcomes.
- What is the use case? Consider remittances and payments separately from savings, investment or institutional transfers.
- Who is participating? Grassroots retail activity and large transfers can move for different reasons.
- Can people reliably use the service? Connectivity, liquidity and access to financial infrastructure affect whether a service works beyond isolated transactions.
- What do local rules permit? Policy changes can affect which services are available and who can use them.
- Does activity persist? Sustained use is different from a short-lived surge followed by a reversal.
Why the numbers need caution
Chainalysis describes its index as primarily focused on grassroots adoption, but its 2025 methodology added an institutional activity sub-index for transfers above $1 million and removed the retail DeFi sub-index. The overall ranking is therefore not a pure measure of retail users. The IMF’s October 2025 monitor adds that Chainalysis estimates rely on web-traffic estimates and frequently updated methodologies, and says findings should be interpreted with caution.
Rank changes also cannot be read as straightforward changes in user growth. India remained first in both the 2024 and 2025 indexes, while Nigeria moved from second to sixth and Indonesia from third to seventh; Vietnam moved from fifth to fourth. Chainalysis changed its methodology between editions: the 2024 index excluded the P2P exchange sub-index after activity declined and LocalBitcoins shut down, while the 2025 edition made the changes described above. The IMF’s warning about estimation limits further counsels against treating a rank shift as a clean year-over-year adoption rate.
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Chainalysis also notes that low-income-country activity can be volatile or episodic. Policy shocks, connectivity and liquidity constraints, and conflict-related disruptions can contribute to shifts. Its Afghanistan example concerns the 2021 U.S. withdrawal and should not be generalized to all low-income countries.
What the evidence supports
Recent estimates put several emerging-market regions among the fastest-growing centers of crypto activity, and the country index shows a wide range of markets near the top. Payments, remittances, stablecoins and mobile-first finance offer plausible reasons this activity could influence what Web3 services prioritize. Whether that influence becomes durable adoption depends on continued use, practical access and local conditions—outcomes that the reported activity figures and rankings do not establish.
