Key Takeaways
- • According to a 2022 World Bank report cited by the Financial Times, 1.4bn people are unbanked globally, including large populations in India, Indonesia, Mexico and Argentina, all of which rank in Chainalysis's 2025 Global Adoption Index top 20.
- • Chainalysis's 2025 Global Adoption Index shows emerging economies make up 75 per cent of the top 20 nations for crypto adoption, with Turkey (19.3 per cent) and Argentina (18.9 per cent) ranking far above the 6.9 per cent global average in 2024.
- • Stablecoin adoption is being driven by inflation and currency volatility, with workers in several countries converting salaries into USDT and USDC as a hedge against local currency devaluation.
- • Binance's Catherine Chen says regulatory frameworks such as the EU's MiCA, Dubai's VARA and the US GENIUS Act are now operational or advancing, which she argues will move institutions from pilots to production.
- • Mexico's remittance inflows from the US reached $64.7bn in 2024, up from just under $63.3bn in 2023, and an estimated 5mn crypto wallets are active across Latin America and the Caribbean.
Summary
The Financial Times reports that the crypto market's recent resurgence has been driven largely by institutional adoption in the US, where bitcoin exchange-traded funds have reached a market capitalization of around $157bn since their approval in 2024. According to Chainalysis's 2025 Global Adoption Index, however, adoption is skewing toward emerging economies, which account for 75 per cent of the top 20 nations for crypto adoption. Millions of people in these markets are using digital assets for banking, savings and transactions.
The article cites a 2022 World Bank report estimating that 1.4bn people are unbanked globally, including populations in India, Indonesia, Mexico and Argentina. In Mexico, 51 per cent of adults lack a bank account, and many are moving directly into on-chain financial services. The Latin American and Caribbean market is estimated to hold around 5mn crypto wallets. Remittances from the US to Mexico reached $64.7bn in 2024, compared with just under $63.3bn in 2023, a flow that the article identifies as a relevant use case for digital assets.
The article identifies a correlation between economic instability and crypto adoption. Turkey and Argentina, both dealing with persistently high inflation, recorded crypto ownership rates of 19.3 per cent and 18.9 per cent respectively in 2024, versus a global average of 6.9 per cent, trailing only the UAE and Singapore among fintech-focused markets. Workers in several countries are converting salaries into stablecoins such as USDT and USDC as a protection against local currency devaluation. Ritesh Dutta, Deputy CEO at AMINA Bank, attributes Turkey's adoption to currency volatility and cross-border transaction needs, and attributes adoption in India and Indonesia to young populations, digital payment infrastructure and interest in decentralised finance.
On regulation, the article describes 2024 to 2025 as a period of concrete progress toward clearer frameworks that institutions can underwrite. Catherine Chen, Head of VIP & Institutional at Binance, which she describes as having more than 280mn registered users, said Europe's MiCA and Dubai's VARA rulebooks are now operational, the US GENIUS Act provides a federal framework for stablecoins, and the House-passed CLARITY Act advances market structure legislation. Chen said the ETF wave has broadened access for traditional allocators and is accelerating institutional infrastructure such as qualified custody, off-exchange settlement and tokenised real-world assets. Note that this section reflects the views of a Binance executive, and the article's own conclusion that standardised regulation could prove pivotal is presented as its assessment.
The article cites a 2022 World Bank report estimating that 1.4bn people are unbanked globally, including populations in India, Indonesia, Mexico and Argentina. In Mexico, 51 per cent of adults lack a bank account, and many are moving directly into on-chain financial services. The Latin American and Caribbean market is estimated to hold around 5mn crypto wallets. Remittances from the US to Mexico reached $64.7bn in 2024, compared with just under $63.3bn in 2023, a flow that the article identifies as a relevant use case for digital assets.
The article identifies a correlation between economic instability and crypto adoption. Turkey and Argentina, both dealing with persistently high inflation, recorded crypto ownership rates of 19.3 per cent and 18.9 per cent respectively in 2024, versus a global average of 6.9 per cent, trailing only the UAE and Singapore among fintech-focused markets. Workers in several countries are converting salaries into stablecoins such as USDT and USDC as a protection against local currency devaluation. Ritesh Dutta, Deputy CEO at AMINA Bank, attributes Turkey's adoption to currency volatility and cross-border transaction needs, and attributes adoption in India and Indonesia to young populations, digital payment infrastructure and interest in decentralised finance.
On regulation, the article describes 2024 to 2025 as a period of concrete progress toward clearer frameworks that institutions can underwrite. Catherine Chen, Head of VIP & Institutional at Binance, which she describes as having more than 280mn registered users, said Europe's MiCA and Dubai's VARA rulebooks are now operational, the US GENIUS Act provides a federal framework for stablecoins, and the House-passed CLARITY Act advances market structure legislation. Chen said the ETF wave has broadened access for traditional allocators and is accelerating institutional infrastructure such as qualified custody, off-exchange settlement and tokenised real-world assets. Note that this section reflects the views of a Binance executive, and the article's own conclusion that standardised regulation could prove pivotal is presented as its assessment.
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