Bybit report ranks Singapore first globally for crypto adoption in 2025

Singapore placed first overall on measures tied to consumer uptake and day‑to‑day use. The United States and Lithuania followed, scoring strongly on institutional participation and policy frameworks. Bybit said the ranking is designed to capture relative adoption rather than simply reward large populations, which can mask low per‑capita usage.The study highlights the role of smaller European states, noting that five appear in the top 20 and three in the top 10.

According to the report, advanced licensing regimes and clearer oversight have drawn exchanges and service providers to hub jurisdictions that then serve broader regional markets. Lithuania received top marks for regulatory clarity and support for fiat on‑ramps; the report cites recent launches of tokenized instruments in the European Union as examples of the ecosystem effect from early regulatory embrace.

Stablecoins are identified as a cross‑cutting driver of adoption across regions and income levels. Bybit’s analysis points to growing interest in non‑U.S. dollar pegs alongside continued dominance of dollar‑linked tokens for savings and hedging. The report concludes that local‑currency stablecoins are likely to see increasing use in payments and commerce, while U.S. dollar stablecoins remain preferred as a store of value.

Industry initiatives are already targeting that mix. In October, Jesse Pollak, who leads development for Coinbase’s Base blockchain, publicly encouraged developers to collaborate on stablecoins beyond U.S. dollar pegs, referencing demand for instruments tied to major and emerging‑market currencies. “Dozens of critical currencies … are huge parts of the global economy,” he wrote, arguing that many are still missing from on‑chain finance.

Bybit’s findings also note the rapid growth of workers accepting compensation in crypto and the expanding reach of stablecoin rails. The report contrasts its results with other adoption indices, including recent work by Chainalysis and TRM Labs, which placed India, the United States and Pakistan at the top by different methodologies, and highlighted Ukraine, Moldova and Georgia on a population‑adjusted basis.

Overall, the 2025 ranking frames regulatory clarity, reliable fiat connectivity and stablecoin infrastructure as common features among countries with the strongest adoption profiles.

As GNcrypto reported previously, on 3 December 2025 Bybit announced a partnership with regulated custodian Komainu to integrate the Komainu Connect platform. The setup lets institutional clients trade around the clock while keeping assets in segregated, bankruptcy‑protected custody, with full collateral mirroring and automated off‑chain settlement across connected venues. The integration is positioned to pair regulated asset storage with access to liquidity, reflecting rising institutional demand for secure execution infrastructure.

Read more about Bybit platform here.