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Bybit and DL Research released the World Crypto Rankings 2025, analysing crypto adoption across 79 countries using 28 metrics and 92 data points.
Singapore ranked first due to strong regulation, institutional participation and high levels of public engagement, with more than 11% of residents owning crypto.
The United States placed second, driven by ETF approvals, pro-crypto policy direction and dominant institutional trading flows.
The U.S. also leads in DeFi activity, centralised exchange volumes and Lightning Network usage.
Lithuania secured third place as a major EU licensing hub under MiCA despite modest domestic trading volumes.
Switzerland and the UAE completed the top five, acting as regional centres for tokenisation and institutional digital-asset finance.
The report identifies stablecoins as the most widely adopted crypto product globally, with increasing interest in local-currency stablecoins for domestic payments.
Stablecoin use is rising as countries aim to reduce dollar dependence and improve monetary sovereignty.
"We’re witnessing a pivotal moment where blockchain technology is transitioning from experimentation to real-world integration across finance, commerce, and governance,” Bybit co-CEO Helen Liu said.
Real-world asset tokenisation expanded significantly, with on-chain RWA value increasing from $15.8 billion to more than $25.7 billion this year.
Tokenisation leadership is concentrated in Singapore, Hong Kong, the United States and Lithuania due to strong legal and institutional readiness.
Crypto payroll adoption is accelerating, with nearly 10% of professionals now receiving part of their income in digital assets, up from 3% last year.
Stablecoin payroll usage is particularly strong in the UAE and the Philippines where it enables faster and cheaper cross-border payments.
The report notes that stablecoins, RWA tokenisation and on-chain payrolls reinforce each other, driving deeper crypto integration.
Jurisdictions with regulatory clarity are expected to attract global capital, while restrictive environments risk losing competitiveness in the evolving digital finance landscape.