Emerging Markets Drive Adoption Through Necessity
The report evaluates global crypto adoption based on four key areas: user penetration, transactional use, institutional readiness, and cultural penetration. While Singapore and the United States lead the overall rankings due to their balanced performance across these areas, the most significant growth is seen in countries where crypto is a necessity rather than a choice.
Vietnam ranks ninth in the global index, with impressive scores in user penetration (0.68) and transactional use (0.81). Nearly one‑fifth of Vietnam’s population owns digital assets, using them for remittances, protecting against inflation, and saving. The country is also becoming a hub for DePIN (Decentralized Physical Infrastructure Networks) activities.
Ukraine, ranked thirteenth, showcases necessity‑driven growth. With over $6.9 billion in stablecoin transactions against a GDP of $190 billion, Ukraine has the highest crypto usage relative to its economic size. Crypto has become crucial for cross‑border transfers and preserving value during wartime.
Nigeria, ranked nineteenth, is another example of utility‑led adoption. Its transactional use score of 0.83 is well above the global average, driven by inflation, currency devaluation, and capital controls. Stablecoins, peer‑to‑peer platforms, and digital savings tools are widely used. The introduction of the cNGN, a naira‑backed stablecoin, has further boosted adoption. Bybit predicts that Nigeria could become one of the first major emerging economies to use local‑currency stablecoins alongside dollar‑based options.
Stablecoins Lead Global Crypto Adoption
Stablecoins are now the most widely used crypto product, serving two main purposes: daily payments and financial stability, and as a bridge to investment products and broader crypto market participation.
In Ukraine, stablecoins act as safe‑haven assets during political and economic instability. In Nigeria, they help bypass banking limits and currency shortages. In Hong Kong, stablecoins support capital mobility in complex trading environments. Across both advanced and emerging markets, stablecoins expand access to financial tools by enabling participation in DeFi platforms, centralized exchanges, and tokenized assets.
Three key trends are shaping global stablecoin acceptance:
- Regulators in the United States, Hong Kong, and the EU are working towards aligned rules on reserves and compliance.
- Financial institutions are integrating stablecoins into mainstream settlement systems.
- There is growing interest in local‑currency‑backed stablecoins, such as those pegged to the yen, euro, and naira.
Conclusion
The Bybit report highlights that cryptocurrency adoption is thriving in countries where traditional financial systems are inadequate. Ukraine, Nigeria, and Vietnam are leading this trend, with stablecoins playing a crucial role in driving adoption. As regulatory frameworks evolve and financial institutions integrate stablecoins, their use is expected to become even more widespread.
