Ukraine, Nigeria And Vietnam leading global adoption of cryptocurrencies in regions where traditional banking systems fail to meet basic financial needs, according to a new ranking from Bybit.
The exchange’s 2025 report identifies stablecoins as the most widely used crypto product globally, with adoption concentrated in markets facing currency instability and restricted access to conventional financial services.
What Happened: Emerging Markets Drive Adoption
Bybit measure global adoption in four categories: user penetration, transactional use, institutional readiness and cultural penetration.
Singapore and the UNITED STATES They rank first overall due to balanced performance across all metrics, but the most significant growth has come from countries where residents rely on digital assets to address systemic financial failures.
Vietnam ranked ninth with a user penetration rate of 0.68 and a transactional usage level of 0.81.
Nearly 20% of the country’s population owns digital assets and uses them primarily for remittances, inflation protection, and savings. The country has become an active center of decentralized physical infrastructure network activity as device-based participation rapidly expands.
Ukraine ranks thirteenth, although it demonstrates the highest utilization relative to economic size. More than $6.9 billion in stablecoin flows flowed through the country’s economy, compared to a GDP of $190 billion.
Digital assets support cross-border transfers and the preservation of value in times of war, functioning as an essential part of financial survival.
Nigeria appears in nineteenth place with a transactional usage score of 0.83, well above the global average. Inflation, currency devaluation and capital controls are pushing households and businesses towards stablecoins, peer-to-peer platforms and digital savings tools.
The launch of cNGNa stablecoin backed by the naira, has contributed to the increase in adoption rates.
Bybit predicted that if cNGN use extends beyond pilot stages, Nigeria could become one of the first major emerging economies where a local currency stablecoin is used alongside dollar-based options.
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Why it matters: Stablecoins are reshaping finance
Stablecoins are now leading global crypto adoption and represent the most evenly distributed commodity across markets, according to Bybit results.
Use falls into two categories: everyday payments and financial stability in emerging markets, and as a bridge to investment products and broader crypto participation in developed economies.
In Ukrainestablecoins function as safe havens in times of political and economic instability.
Nigerians use them to bypass banking restrictions and currency shortages. In Hong Kongthey support capital mobility in high-volume business environments. In advanced and emerging markets, these assets expand access to decentralized finance platforms, centralized exchanges and tokenized assets.
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