Perspective by: Dominic Schwenter, chief operating officer of Lisk
The United States is currently experiencing a cryptocurrency surge. Approvals for exchange-traded funds have paved the way for institutional acceptance, liquidity is on the rise, and regulatory clarity is starting to materialize under a government more favorable towards cryptocurrency. Submissions to the Securities and Exchange Commission concerning blockchain reached an unprecedented peak in February 2025, indicating a larger transformation in how seriously this technology is regarded at top tiers.
This momentum benefits the sector. Crypto enterprises based in the US have devoted nearly ten years to navigating regulatory ambiguity, and they merit the recognition and benefits that are finally arriving. Is institutional backing finally materializing? It’s overdue — and well-deserved.
However, focusing too narrowly on the US risks overlooking developments taking place in other regions. Some of the most noteworthy cryptocurrency adoption today emerges in areas far removed from the limelight.
The most thrilling cryptocurrency adoption isn’t unfolding on Wall Street. It is occurring in expanding markets where individuals utilize cryptocurrency not for speculation but out of necessity. These communities haven’t waited for media coverage. They have persevered through every economic cycle and are now driving the direction of Web3’s future.
Emerging markets are at the forefront of adoption
Fifteen of the leading 20 nations on Chainalysis’s 2024 Global Crypto Adoption Index are situated in rapidly advancing regions such as Indonesia, Vietnam, the Philippines, and Nigeria. These aren’t merely speculative hotspots. In numerous nations, cryptocurrency is a part of everyday existence. Unlike boom-and-bust cycles, adoption here has remained steadfast. It is based on functionality.
In many of these nations, cryptocurrency aids families in facilitating remittances, provides a more secure means to store value when local currencies are unstable, and allows small businesses to transfer funds smoothly. In Western countries, cryptocurrency still bears the allure of a high-risk investment. In burgeoning markets, it’s already woven into daily routines. That is the essence of genuine adoption.
Developers are migrating towards emerging markets
As consistent, practical application increases, the activity of builders follows suit. At present, the global developer landscape is changing rapidly.
According to the 2024 Electric Capital Developer Report, Asia now represents 32% of active crypto developers — a significant rise from a mere 12% in 2015. Concurrently, the US’s share has significantly declined, from 38% to 19%. The blockchain talent pool is not diminishing. It is relocating to where the energy is.
Moreover, 41% of all new crypto developers now hail from Asia, showcasing a burgeoning pipeline of builders emerging outside of conventional tech centers. These are not just hobbyists but the next generation of founders, architects, and engineers opting to build closer to the challenges that cryptocurrency can address.
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This trend is not confined to Central Asia. Africa, South America, and Southeast Asia are all witnessing gradual growth in developer activity, while North America and Europe continue to decline in relative standing. The message is unmistakable: Web3 innovation is no longer tethered to a single locale. It is being propelled by builders who are more attuned to real-world demands — and who are designing solutions accordingly.
Blockchain addresses tangible issues
The increase in developer engagement and adoption across rising markets is not occurring in isolation. Rather, it is related to actual real-world impacts.
A clear illustration is PepsiCo South Africa’s implementation of blockchain for supply chain monitoring in the informal trade realm. In a region where traditional infrastructures are often disjointed or absent, this implementation accomplishes what blockchain was originally designed to do: resolve challenges.
By utilizing a blockchain-based end-to-end digital payments solution like Lov.cash, PepsiCo facilitates cashless transactions between small, frequently unbanked retailers and wholesalers. The system also provides wholesalers with clear insights into what products are selling and where — aiding them in smarter planning and reducing waste. There’s no token speculation here, no flashy non-fungible tokens — just a genuine solution to a real supply chain issue.
Such stories seldom receive top-tier attention, but they represent the instances where the technology truly delivers. In regions where foundational infrastructure is lacking, blockchain is not a trial. It is a necessary adjustment. If the industry continues to pursue excitement while neglecting this influence, it will overlook a critical opportunity to effect change.
A plea for Web3 creators
The developments occurring in the US are deserving of recognition — but they do not encapsulate the entire picture. Tangible adoption, builder momentum, and legitimate use cases are advancing in high-growth markets, where cryptocurrency is already making an impact.
This is where the enduring impact of Web3 will be forged. Builders and investors should cease waiting for endorsement from Washington or Wall Street and start focusing on the areas where the technology is currently addressing genuine challenges.
Crypto did not pause for the US to become significant. If the aim is to establish something truly global, it’s time to heed the voices of those already utilizing it to create effective solutions.
Perspective by: Dominic Schwenter, chief operating officer of Lisk.
This piece is intended for general informational purposes and is not meant to be, nor should it be construed as, legal or investment advice. The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
