Indonesia’s crypto ecosystem is evolving in ways that place the country firmly within global conversations about DeFi and on‑chain finance. When DeFi activity, stablecoin usage, and transaction volume are viewed together, Indonesia emerges not just as a fast‑growing market but as one actively shaping regional on‑chain behaviour.
Indonesia Ranks Among the World’s Top DeFi Users
Indonesia consistently appears as one of the world’s highest‑ranking markets for DeFi usage, with users already engaging in non‑custodial wallets, DEXs, lending protocols, and yield strategies.
This signals a level of on‑chain maturity many global teams underestimate. Indonesian users aren’t limited to basic trading, they’re exploring decentralized alternatives at scale. For DeFi builders, this reduces onboarding friction and makes the market more immediately viable.
Read more: 5 Reasons Indonesia Is Growing Fast in Crypto Adoption
Why the Stablecoin Trend Matters for Indonesia’s DeFi Growth
Stablecoins accounted for ~30% of global on‑chain volume in early 2025, surpassing USD 4 trillion. Research from Cornell SC Johnson highlights that Indonesia is among the leading emerging markets for stablecoin usage, especially within DeFi. This is important because most DeFi activity worldwide runs on stablecoin liquidity, they serve as the unit of account, collateral backbone, and settlement layer across on‑chain markets.
Indonesia’s strong DeFi ranking aligns with this behaviour. The same stablecoin‑driven activity shaping global DeFi flows is also happening locally, making the market naturally compatible with on‑chain financial products.
Read more: Bank Indonesia Plans to Release Stablecoin Backed by Government Bonds
USD ~6.9B in Q1 2025 Transaction Volume Shows Real Market Depth
Indonesia processed IDR 109.29T in crypto transactions in Q1 2025 roughly USD 6.9B. This volume shows the market isn’t just growing, it’s active. High transaction flow indicates:
- Reliable liquidity for DeFi protocols,
- Users who transact frequently, and
- Readiness for fintech products built on on‑chain rails.
For teams relying on liquidity depth or user activity, Indonesia provides conditions that many emerging markets still lack.
Read more: Why Indonesia Matters for Crypto Brand Growth 2026
Taken together, these signals show a market where DeFi use, stablecoin activity, and transaction behaviour are reinforcing each other, pushing on-chain finance closer to everyday digital use in Indonesia. As this foundation strengthens, the opportunities across different players in the ecosystem become clearer.
DeFi teams now find users increasingly familiar with decentralized tools and USD-based assets. Stablecoin issuers benefit from usage patterns that make Indonesia a strong market for settlement, payments, and remittance flows and fintech teams can tap into growing on-chain activity to unlock practical use cases like cross-border transfers, merchant settlement, treasury operations, and yield-based savings.
How ICN Helps Web3 Teams Scale in Indonesia
As one of Indonesia’s leading Web3 marketing and ecosystem agencies, Indonesia Crypto Network (ICN) supports global DeFi, infrastructure, and fintech teams as they navigate the Indonesian market. We help identify product‑market fit, map local user behaviour, and build the right partnerships and distribution channels.
Our work focuses on:
- Positioning your product for Indonesian users,
- Identifying high‑potential segments,
- Simplifying go‑to‑market execution, and
- Accelerating early traction.
You can get an early signal in under two minutes. Our free Indonesia Market Fit Assessment helps you understand whether your DeFi, stablecoin, or on‑chain product aligns with local demand. Take the assessment here.
