CMSPI - State of the Industry Report - 2025

Timeline

$1,000 Chainalysis Global Crypto Adoption Index 2024 Global Usage xv

David Chaum’s Paper on blind signatures published.

1983

$900

2008

Bitcoin white paper published 672

$800

$700

2009

First Bitcoin mined 673

$600

• First stablecoin, BitUSD, launched • Tether (USDT) launched 674

2014

$500

$400

• BitUSD lost 1:1 value with USD 675 • Circle (USDC) launched • STASIS (EURS) launched

2018

$300

$200

$100

2020

• StraitsX (XSGD) launched • Facebook/Meta launched Libra

$0

2021

JPY Coin (JPYC) launched

Case Studies Bahamas (p.155) and El Salvador (p. 156)

2022

Facebook’s Diem (Libra) sold assets 676

• cNGN launched • GENIUS Act passed in the U.S.

2025

xv

Chainalysis Global Crypto Adoption Index ranks 151 countries on various indexes including on-chain cyrpto value by centralized services, on-chain retail crypto value by centralized services, on-chain cyrpto value by DeFi protocols, and on-chain retail crypto value by DeFi protocols and weighted by GDP per capita on a PPP adjusted basis. See Chainal-ysis 2024 Geography of Crypto Report for more information.

142

Powered by