Hong Kong, December 10, 2025 - The world's second-largest cryptocurrency exchange Bybit today announced the joint release of the "World Crypto Ranking" (WCR) report in collaboration with DL Research. This report provides an in-depth analysis of how 79 countries and regions worldwide are integrating cryptocurrency into various aspects of society through rich data. Unlike rankings that focus solely on a single metric, Bybit's WCR employs a multidimensional analysis approach, integrating 28 indicators and 92 data points to identify the driving forces behind current market leaders and emerging competitors. Singapore surpasses the United States, Lithuania, Switzerland, and the UAE to rank first in the global cryptocurrency application index, with Vietnam and Hong Kong also making it into the global top ten. The report further analyzes overall industry trends, providing actionable insights for industry leaders, policymakers, and users.

Overview of Cryptocurrency Adoption in Asia

The cryptocurrency transformation in the Asia-Pacific region is both rapid and far-reaching. Innovation, demand, and diversity intertwine here, fostering the most diverse and representative cryptocurrency ecosystem globally, with six markets ranking in the top twenty of the global cryptocurrency application index. Institutional dominance coexists with grassroots adoption, while regulatory leadership, technological advancement, and practical applications converge, propelling the Asia-Pacific region to play a pivotal role in the future development of global cryptocurrency.

• Singapore (Rank 1): With a clear regulatory environment, a mature institutional foundation, and high cultural engagement, Singapore holds a significant leading position in global cryptocurrency adoption. According to the report, over 11% of Singaporeans own cryptocurrency, with the highest user penetration rate and regulatory clarity globally. Under a robust licensing system, numerous international exchanges and fintech companies have been attracted to the local market. In the future, market development will further focus on expanding retail and trading use cases.
• Vietnam (Rank 9): Vietnam ranks as the highest in emerging markets, with local cryptocurrency activity primarily driven by grassroots efforts. Nearly 20% of the population holds digital assets, widely used for remittances, savings, and inflation hedging. Vietnam ranks first globally in the adoption of decentralized physical infrastructure (DePIN) and trading use cases, demonstrating how market demand can innovate and develop in the face of limited infrastructure.
• Hong Kong (Rank 10): Driven by regulatory innovation and international development goals, Hong Kong is experiencing a strong resurgence in the cryptocurrency market. Its user penetration rate ranks eighth globally, and DePIN participation is also above the global average, indicating a complementary relationship between retail participation and institutional drive. Hong Kong's role as a bridge connecting Western and Asian application models remains evident, while the new licensing framework and increased institutional participation enable Hong Kong to connect global financial markets with China's capital control system through stablecoins and tokenization. In the future, promoting broader retail adoption will be a significant challenge for the development of Hong Kong's cryptocurrency market.
• Australia (Rank 11), the Philippines (Rank 17), and South Korea (Rank 20) also make it into the global top twenty. Australia's ecosystem is primarily driven by local culture and research institutions. The Philippines has a high level of institutional readiness, with users primarily on mobile devices. South Korea boasts strong local exchanges and vibrant market enthusiasm, but how to translate this advantage into institutional leadership remains to be explored.

Helen Liu, Co-CEO of Bybit Group, stated: "The rise of the Asia-Pacific region in the cryptocurrency space is influencing the global financial landscape. The 'World Crypto Ranking Report' highlights how the region is leading the industry, whether through Singapore's regulatory policies, Vietnam's grassroots adoption, or the Philippines' efforts in promoting financial inclusion. This report not only presents the current status of various countries but also provides a macroeconomic perspective for industry leaders, policymakers, and users, helping to understand how local innovations impact the global future of cryptocurrency."

The WCR also reveals three major trends in cryptocurrency adoption for 2025.

Trend 1: Tokenization of Real World Assets (RWA) Opens New Opportunities

The trend of tokenizing real-world assets is also accelerating. Since January 2025, the total value of RWAs launched (excluding stablecoins) has grown from approximately $15.8 billion to over $25.7 billion, an increase of over 63%. This growth momentum is expected to continue this year, with significant expansions anticipated in both trading volume and the types of assets available for tokenization. Under this trend, countries scoring high on the "Institutional Readiness" indicator will be best positioned to seize the opportunities brought about by this structural change.

In the "Institutional Readiness" indicator, the United States ranks first globally, while the Philippines and Australia rank fifth and ninth, respectively.

Trend 2: Rise of Local Stablecoins

As digital assets gradually move from the margins to the core of the economy, the Asia-Pacific region is witnessing an increase in the usage of local stablecoins. During this transformation, local stablecoins pegged to national currencies are gradually rising in prominence. Policymakers and innovators are exploring the applications of local stablecoins to enhance payment efficiency, reduce reliance on the US dollar, and strengthen monetary sovereignty.

Countries ranking high in the "Trading Applications" dimension are the most active adopters of stablecoins for remittances, merchant payments, cross-border settlements, and savings. Ukraine, the United States, and Nigeria rank as the top three globally, while Vietnam and Indonesia rank fourth and tenth in this dimension within the Asia-Pacific region.

In economies where inflation, capital controls, or gaps in banking services still exist, local stablecoins quickly fill these financial voids. They enable households to make instant remittances, allow businesses to conduct and complete cross-border transactions easily, and provide individuals with stable value storage during uncertain times. For governments, developing local stablecoins not only becomes a new tool for monetary policy but also an important avenue for modernizing national payment systems.

Trend 3: Accelerated Development of On-Chain Payroll

Additionally, the application of cryptocurrency salaries and on-chain compensation is gradually expanding. In economies like the Philippines, where remittances and overseas work are predominant, stablecoins are increasingly used to pay workers, freelancers, and gig economy participants. Compared to 2023, the proportion of individuals receiving part of their salaries in cryptocurrency has doubled from 3.0% to 9.6% in 2024, with stablecoin payments accounting for over 90%.

This trend is making cryptocurrency an integral part of the daily financial lives of millions, helping users bypass the delays and costs of traditional remittance channels, providing families with faster and more reliable income sources. As more users and businesses adopt this method, the boundaries between local and global labor markets are further blurred, and the accessibility of financial services benefits communities that have long been overlooked by traditional finance.

For the complete "World Crypto Ranking" report, please refer to this link. This report provides a multidimensional, standardized, and factual analysis of global cryptocurrency adoption, offering decision-making guidance and discussion directions for industry professionals, policymakers, and users concerned about the future of finance, contributing to the development of a new era of digital finance.

About Bybit

Founded in 2018, Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving over 70 million users globally. Bybit is committed to creating a simpler, more open, and equitable ecosystem for everyone, redefining openness in a decentralized world. Bybit is deeply engaged in the Web3 space, forming strategic partnerships with leading blockchain protocols to provide robust infrastructure and innovation. Bybit is known for its secure custody services, diverse markets, intuitive user experience, and advanced blockchain tools, bridging traditional finance (TradFi) and decentralized finance (DeFi), empowering builders, creators, and enthusiasts to fully explore the potential of Web3. To explore the future of decentralized finance, visit Bybit.com.

For more information about Bybit, please refer to Bybit Press

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