Singapore has overtaken the United States to take the top spot in global cryptocurrency adoption, according to the 2025 World Cryptocurrency Ranking Report released by cryptocurrency exchange Bybit on Wednesday.
According to the report, compiled with research partner DL Research, Bybit analyzed 79 countries using 28 metrics and 92 data points to assess adoption patterns, regulatory frameworks, and user engagement.
Singapore, the United States, and Lithuania are the top three countries in terms of cryptocurrency adoption. However, Bybit praised the Asian city-state for integrating digital assets into daily life and institutional infrastructure, outpacing the latter countries.
Vietnam and Hong Kong also made it into the top 10, further increasing mass adoption rates in Southeast Asia.
Singapore ranks higher than the US in the Cryptocurrency Adoption Index report
According to the virtual currency exchange, IndexingSingapore topped the chart with a score of 7.5, leading in various aspects of adoption. The country achieved perfect scores for User Penetration (1.00) and High Cultural Awareness (0.96), outperforming the global average for the bottom half of the top 10 countries ranked by the Adoption Index.
Singapore’s leadership, institutional readiness, and culture of embracing digital finance create a crypto-friendly environment for investment, with over 11% of the population reportedly holding cryptocurrencies.
Earlier this year, the Monetary Authority of Singapore (MAS) changed its stance on crypto regulation, introducing a clear licensing framework that works alongside innovation-friendly policies.
In April 2022, Singapore enacted the Financial Services and Markets Act (FSMA). This is a comprehensive law aimed at streamlining and strengthening MAS’s supervision of the financial sector.
In June this year, several provisions of FSMA came into force, including a licensing regime for digital token service providers (DTSPs) operating in or from Singapore while serving overseas markets.
This law goes beyond previous frameworks such as the Payment Services Act, which only regulated services provided to domestic customers. DTSPs, which have a large presence in Singapore, are now required to apply for a license and comply with anti-money laundering and combating the financing of terrorism (AML/CFT) obligations.
However, MAS reiterated in its consultation response in May that it is “unlikely to approve applications by entities that provide DT services exclusively to foreigners from Singapore, given the high inherent ML/TF risks and the limited oversight that MAS can exercise over such entities.”
The clarification was made with four weeks’ notice before the June 30 start.
Stablecoins play an active role in the global adoption of cryptocurrencies
Bybit’s report also noted the global growth in volume of the stablecoin market around the world, particularly those pegged to currencies outside the US. While US dollar-based stablecoins Tether (USDT) and Circle (USDC) dominate savings and hedging, stablecoins pegged to other currencies are used for payments and commerce.
Jesse Pollack, head of development for Coinbase’s Base blockchain, called on developers around the world to create alternative tokens to dollar-pegged tokens.
“If you look at the world today, about 60% of the world’s foreign exchange reserves are in dollars, but there are dozens of other important currencies such as the euro, the yen, and even currencies like the Nigerian naira, which are a big part of the global economy. But currently they are missing from the crypto economy,” Pollack surmised.
According to Cryptopolitan in October reportOleg Ozienko, international development director of the A7A5 project, said cryptocurrencies backed by fiat currencies that are not denominated in US dollars could capture around 20% of the global stablecoin market by 2028.
“One of the stable trends in the cryptocurrency industry is the active development of non-dollar stablecoins. Their growth reflects the growing demand for digital assets backed by national currencies, which is contributing to the diversification of the market,” Ozienko told Russian news agency RBC.
Alongside Singapore’s index news, Lithuania performed well in cultural preparedness and institutional penetration, earning an overall score of 6.3 and unexpectedly landing in the top index ranking. Switzerland and the United Arab Emirates also made it into the top five, while Vietnam and Hong Kong also made it into the top 10.
A late October report from Chainalysis and TRM Labs named India, the United States and Pakistan as leading countries with increased adoption rates, with special mention of Ukraine, Moldova and Georgia when adjusting for population size.
