Singapore Leads 2025 Global Crypto Rankings
Singapore has emerged as the leader in the 2025 Global Crypto Rankings, showcasing its robust regulatory environment and active digital asset market. The report, jointly produced by Bybit and DL Research, evaluates nations based on user activity, institutional readiness, and cultural engagement.
Ranking Scores and Key Drivers
Singapore achieved a score of 7.5 out of 10, driven by high user penetration and strong cultural engagement with digital assets. Its clear licensing regime and high digital literacy have created a seamless connection between retail users and regulated financial institutions. The United States follows closely with a score of 7.3, supported by high trading volumes and a growing number of tokenization projects involving major banks and asset managers. Lithuania ranks third with a score of 6.3, continuing to be a favored regulatory hub for fintech and exchange firms.
Two Models of Crypto Adoption
The report highlights two distinct models of crypto adoption. The first model, seen in countries like Singapore, the United States, Switzerland, Lithuania, and the UAE, is driven by institutional adoption and regulation. The second model is prevalent in countries like Vietnam, Nigeria, Ukraine, and the Philippines, where crypto is used for everyday functions such as remittances, payments, and savings during economic challenges.
Tokenized Real‑World Assets (RWA) Market Growth
The market for tokenized real‑world assets (excluding stablecoins) has grown by over 63 % since January 2024, reaching $25.7 billion in early 2025. Private credit and U.S. Treasuries dominate this sector, with major banks like JPMorgan, Citi, and Goldman Sachs expanding their tokenized settlement and trading programs.
Institutional Readiness Rankings
The United States leads in institutional readiness with a perfect score, thanks to its regulatory clarity and strong engagement from Wall Street. Canada ranks second with a score of 0.93, supported by new regulations for banks and insurers set to take effect in 2026. The Philippines is also gaining momentum as a regional leader in Southeast Asia, setting guidelines tailored for remittance‑heavy markets.
Stablecoin Usage Across Income Groups
Stablecoins remain the most widely used digital asset across all income groups. Ukraine records the highest stablecoin flow relative to GDP at 3.6 %, followed by Nigeria, Georgia, Vietnam, and Armenia. This trend underscores the role of digital dollars as a financial tool in both developed and emerging markets.
Regional Adoption Surge in 2025
Regionally, the UAE saw a 210 % surge in crypto adoption, the highest of any country in 2025. Singapore and the United States followed with adoption growth of 150 % and 220 %, respectively.
Conclusion
Singapore’s leadership in the global crypto rankings highlights its commitment to fostering a regulated and innovative digital‑asset ecosystem. As RWA tokenization continues to grow, the report underscores the diverse ways in which countries are embracing cryptocurrencies, from institutional adoption to everyday use.
