Singapore took the top spot in Bybit’s 2025 Global Cryptocurrency Rankings, cementing its status as the most active and structured digital asset market.
The new index, produced in collaboration with DL Research, rates countries based on user activity, institutional readiness and cultural engagement.
This positions Singapore ahead of the United States and Lithuania, two countries that continue to shape the direction of global crypto markets in distinct ways.
The report shows how Singapore achieved a score of 7.5 out of 10, thanks to high user penetration and strong cultural engagement around digital assets.
Its licensing regime, high digital literacy and active institutional sector have helped create one of the strongest channels between retail users and regulated financial entities.
The United States follows closely with a score of 7.3. Its ranking is supported by transaction volumes, custody activities and a growing base of tokenization projects involving large banks and asset managers.
Source: Bybit report
Lithuania, which came in third place with a score of 6.3, continues to be a preferred regulatory base for fintech and exchange companies.
The top ten also includes Switzerland, the United Arab Emirates, Ireland, Canada, the Netherlands, Vietnam and Hong Kong.
The data shows two clear adoption patterns. Countries like Singapore, the United States, Switzerland, Lithuania and the United Arab Emirates reflect an institutional model shaped by regulation and financial infrastructure.
Source: Bybit report
In contrast, Vietnam, Nigeria, Ukraine, and the Philippines rely on crypto for everyday functions such as remittances, payments, and savings during times of currency pressure or banking restrictions.
This model is consistent with Previous Chainalysis Studies And TRM laboratories, which has also found strong adoption in markets facing economic constraints.
Ukraine, Moldova and Georgia remain in the lead in terms of population size.
The report also highlights how quickly the tokenization of real-world assets has grown. The tokenized RWA market, excluding stablecoins, has grown by more than 63% since January 2024, reaching $25.7 billion in early 2025.
Source: Bybit report
Private credit and US Treasuries notably dominate the sector, holding $15.6 billion and $6.7 billion respectively.
The United States maintains the highest level of institutional readiness, with a perfect score, supported by clear regulation and deep engagement on Wall Street.
