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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.