Bybit, the world’s second largest crypto exchange by trading volume, has presented the World Crypto Rankings 2025. The ranking was created with the participation of partners and is based on a large array of data. The report shows how 79 countries and regions are integrating cryptocurrencies into everyday life.
Unlike rankings that assess only one indicator, WCR relies on 28 metrics and 92 separate indicators. This multi-layered approach allows not only to identify current market leaders, but also to see what forces are shaping new contenders for leadership. The report provides practical conclusions about the opportunities and risks faced by industry players, regulators, and users around the world.
Global crypto adoption is growing for various reasons
The reasons why countries are turning to cryptocurrencies are much more diverse today. This is influenced by the real utility of the technology, the need in unstable economies, the quality of infrastructure, regulatory clarity, and overall technological progress. In high-income countries, access to technology is easier, but countries with fewer resources often turn to crypto out of necessity. The most active crypto hubs do not always coincide with the largest economies, although there is still a correlation between high GDP per capita and the level of crypto adoption.
Singapore (1st place)
Singapore tops the global ranking. This is influenced by clear regulations, maturity of the institutional sector, and high user engagement. More than 11% of the country’s residents hold cryptocurrencies, and a transparent licensing regime attracts exchanges and fintech companies from around the world. The next stage of development is focused on expanding retail and transactional use.
USA (2nd place)
This is the largest and most influential crypto market. Approval of ETF, the GENIUS bill, and a more friendly government policy have significantly increased the inflow of institutional capital. The US also leads in DeFi volumes, flows on centralized exchanges, and Lightning usage.
Lithuania (3rd place)
The country has become a European entry point for crypto exchanges and services within the framework of MiCA. Most companies licensed in Lithuania operate globally and hardly focus on the local market. An open financial system, digital literacy of the population, and the role of a regulatory hub give Lithuania influence that exceeds its size. The small population limits domestic volumes, but the country has a noticeable impact on the European crypto map.
Switzerland (4th place)
One of the most fully integrated crypto systems in Western Europe. Switzerland combines high-quality infrastructure, independent and clear rules outside MiCA, a high level of trust in institutions, and a globally respected financial system. Thanks to this, the country remains a leader in policy, custodial infrastructure, and cryptographic research.
UAE (5th place)
The Emirates have become a key center for asset tokenization and pilot settlement systems in the Middle East. The region acts as a bridge between Asia, Europe, and Africa. The country combines ambitious regulatory frameworks VARA in Dubai with a high level of crypto use in remittances and one of the highest user penetration rates in the world.
Stablecoins are becoming the main driver of global crypto adoption
As digital assets move from the experimental zone into the real economy, users are increasingly relying on stablecoins. For some, they are a protective tool during periods of instability, for others a way to bypass traditional bank restrictions, send international payments, or access DeFi. Stablecoins remain not only the most widespread, but also the most evenly distributed use case for crypto.
Most of the global volumes are in dollar-pegged stablecoins. However, more and more countries are launching or supporting stablecoins in local currencies. Such coins improve the efficiency of domestic payments, reduce dependence on the dollar, and serve as a regulatory alternative to informal markets. As a result, local stablecoins are becoming tools not only of financial innovation but also of monetary sovereignty.
The report highlights three areas that will determine the impact of stablecoins in the next stage of development. These are the convergence of regulatory approaches in different countries, deeper integration of institutional players, and growing competition between global fiat currencies. At the same time, in many regions, local stablecoins will work alongside dollar tokens, not instead of them. The local currency is suitable for payments and trading, while dollar-pegged assets remain convenient for savings and capital preservation.
New opportunities through tokenization of real assets
While stablecoins are becoming leaders in usage, tokenization is also gaining momentum. This refers to real assets such as bonds, stocks, or real estate receiving digital representation on the blockchain. In regions like Singapore and Hong Kong, this idea is already moving beyond pilot projects and turning into a fully regulated market. This opens up the possibility to buy shares of assets and settle directly through the blockchain.
Tokenization makes the market clearer and more convenient for participants, and also attracts international capital. Thanks to this, the Asia-Pacific region is consolidating among the leaders of the new financial infrastructure and gradually forming a more open and liquid global market.
Since January, the total on-chain value of tokenized RWA excluding stablecoins has grown by more than 63%. The figure rose from about $15.8 billion to more than $25.7 billion. Such growth reflects a structural shift in how global capital markets are beginning to use tokenization in daily operations. The greatest benefit will go to countries that occupy top positions in the Institutional Readiness category. Among them are the USA, Canada, Lithuania, Poland, and the Philippines. These regions already have the necessary legal framework, mature infrastructure, and institutional readiness for large-scale tokenization programs.
On-chain payments are becoming the new standard for the global labor market
Crypto payments have long gone beyond informal practice among individual crypto specialists. Now it is becoming a normal and understandable tool for companies around the world. Over the year, the share of workers receiving part of their income in cryptocurrencies has grown from 3% to 9.6%. And almost all such payments are made in stablecoins.
In countries with highly developed international remittances and remote work, such as the UAE or the Philippines, stablecoins are increasingly used to pay employees, freelancers, and workers. For many people, crypto is becoming a familiar part of financial routine. It helps avoid delays and unnecessary fees, and money reaches families faster and more predictably. The wider companies switch to such payments, the more local and global labor markets mix. This model gives access to finance to those who previously almost never interacted with traditional banks.
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Experts expect that on-chain salaries will grow in two directions.
The first is developed technological and financial centers such as the UAE, USA, Singapore, and Hong Kong. There are already clear rules, a strong fintech base, and industries where crypto fits organically into processes. Because of this, on-chain payments are suitable for both local specialists and international employees.
The second direction concerns developing economies with a large segment of remote employment and high demand for stablecoins. Examples include the Philippines, Kenya, and Brazil. For these countries, on-chain payments are becoming a way to bypass slow and expensive banking chains while complying with local labor and tax requirements.
Inside the changing crypto landscape
All the trends mentioned are interconnected. The spread of local stablecoins improves the quality of payments and transfers, which helps the development of tokenization and on-chain salaries. The more people start using crypto for real tasks, the higher the demand for reliable, regulated, and innovative financial products. This forms a cycle that accelerates the development of the entire ecosystem.
Digital assets are confidently entering the global financial system. Countries that are already building clear rules for working with crypto and updating infrastructure will be in a more advantageous position by 2026. It will be easier for them to attract specialists, receive additional taxes, and support innovation. Those states that continue to maintain strict restrictions risk losing activity that moves to where development conditions are more flexible. Regulators will have to choose between integrating crypto into the official financial system and a cautious approach based on old licenses while assessing risks and benefits.
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One of the CEOs of Bybit Helen Liu noted that independent research remains an important element of industry development. She said it was important for the company to support the creation of WCR together with DL Research, which has long been engaged in analytics in Web3. According to Liu, the industry is experiencing a moment when blockchain is ceasing to be an experiment and is gradually taking its place in finance, trade, and even governance. The growth of interest, influx of talent, and abundance of new ideas show that a foundation is being formed for a more accessible and efficient digital economy.
Head of research at DL Research Ryan Selai added that cooperation with Bybit made it possible to combine their on-chain data with the exchange’s global perspective. He noted that such joint projects help the industry move towards more transparent and fact-based decisions. The team plans to develop the report in future editions.
World Crypto Rankings provides a comprehensive and clear overview of how different countries are adopting cryptocurrencies. This is not just a set of metrics, but a report that helps to see how the global digital economy is changing and which directions are becoming key. The material was prepared by DL Research, with the team fully controlling the research part. The data is collected from open sources and may be updated. The report is for informational purposes only and is not a financial or legal recommendation. Readers are advised to conduct their own analysis, consult with specialists, and consider local laws.
