Singapore Overtakes the United States to Become the World’s Top Crypto Adoption Hub in 2025

Singapore’s rise to the top of the global crypto table did not happen overnight.

Years of regulatory fine-tuning, early institutional buy-in and a population comfortable with digital finance have quietly reshaped how crypto fits into everyday economic life — and the latest data shows it has paid off.

Singapore Takes The Lead As Crypto Moves Into Daily Life

Singapore has overtaken the United States to become the world’s leading country for cryptocurrency adoption, according to The World Crypto Rankings 2025, published by crypto exchange Bybit in partnership with DL Research.

The index reviewed 79 countries using 28 metrics and 92 data points, measuring everything from user participation and cultural engagement to regulation and institutional readiness.

Singapore topped the rankings with an overall score of 7.5, placing it ahead of the United States and Lithuania.

Source: Bybit

Bybit said Singapore stood out for how deeply digital assets are embedded across retail usage, financial institutions and regulation — a level of integration that few other markets have achieved at scale.

Why Singapore Pulled Ahead Of The United States

Singapore recorded perfect marks for user penetration and ranked near the top for cultural visibility, with more than 11% of the population holding cryptocurrency.

The report attributes this to a combination of digital literacy, political stability and a regulatory approach that encourages participation while enforcing strict oversight.

The Monetary Authority of Singapore has played a central role.

Its licensing regime for digital token service providers has attracted major exchanges and fintech firms, while maintaining firm anti-money laundering and counter-terrorism financing standards.

The Financial Services and Markets Act, passed in April 2022, expanded MAS’s oversight beyond domestic-facing services.

Several key provisions came into force in June 2025, requiring firms with a substantial presence in Singapore to be licensed even if they serve overseas clients.

MAS has also drawn clear boundaries.

In a consultation response issued in May, the regulator said it is “unlikely to approve any application by an entity to provide DT services from Singapore to only overseas persons, given the higher inherent ML TF risks and the limited supervisory oversight MAS can exercise over such entities.”

Two Very Different Models Of Crypto Adoption

The rankings highlight a clear split in how countries adopt crypto.

Singapore, the United States, Switzerland, Lithuania and the UAE represent an institution-led model, where regulation, banks and large asset managers drive growth.

The US placed second overall with a score of 7.3, supported by high trading volumes, custody activity and expanding tokenisation projects involving Wall Street firms.

Lithuania followed in third place with 6.3, gaining strong marks for regulatory clarity and crypto on-ramp support.

Switzerland and the UAE rounded out the top five.

In contrast, countries such as Vietnam, Nigeria, Ukraine and the Philippines rely more heavily on grassroots adoption.

Source: Bybit

In these markets, crypto is widely used for remittances, savings and payments, often as a response to inflation, currency pressure or limited banking access.

Vietnam ranked ninth overall and emerged as the highest-performing developing market.

Nearly 20% of its population owns digital assets, with the country ranking first globally for transactional usage and decentralised physical infrastructure adoption.

Asia-Pacific Sets The Pace

Asia-Pacific markets claimed six of the top 20 spots.

Alongside Singapore, Vietnam and Hong Kong ranked ninth and tenth respectively.

Australia placed eleventh, followed by the Philippines at seventeenth and South Korea at twentieth.

Bybit co-CEO Helen Liu said the region’s performance reflects both regulatory leadership and strong user momentum.

Hong Kong’s return to the top ten follows its recent licensing overhaul, with the report describing the city as a bridge between Western financial systems and Asian innovation, particularly in stablecoins and tokenisation.

Stablecoins Expand Beyond The US Dollar

The report points to stablecoins as one of the strongest drivers of global adoption, cutting across income levels and regions.

While US dollar-backed tokens such as Tether’s USDT and Circle’s USDC continue to dominate savings and hedging, stablecoins pegged to other currencies are gaining ground in payments and commerce.

Jesse Pollak, head developer of Coinbase’s Base blockchain, urged builders to expand beyond dollar-based tokens.

He said,

“If you look at the world today, something like 60% of the world’s currency reserve is dollars, but then you have tens of other critical currencies, whether it’s the euro, or the yen, or even currencies like the Nigerian naira, that are huge parts of the global economy. But right now, they’re missing in the crypto economy.”

The report suggests local-currency stablecoins will complement rather than replace dollar-pegged tokens, with US stablecoins remaining dominant for savings while regional tokens support everyday transactions.

Tokenisation Moves From Trials To Real Use

Real-world asset tokenisation is another area seeing rapid growth.

The market for tokenised assets, excluding stablecoins, has risen more than 63% since January 2024 to $25.7 billion in early 2025.

Private credit and US Treasuries account for the largest share.

Source: Bybit

Singapore has been active in this shift.

MAS has confirmed plans to pilot tokenised MAS bills settled using a central bank digital currency, while local banks have already tested wholesale CBDC-based interbank lending.

The United States continues to lead institutional readiness, supported by deep involvement from firms such as BlackRock, JPMorgan and Citi.

BlackRock’s BUIDL fund has grown to between $1.8 billion and $2.28 billion across multiple blockchains.

Small Countries, Outsized Influence

One of the report’s core aims is to avoid over-rewarding large populations with relatively low usage.

As a result, smaller countries feature prominently, particularly in Europe.

Lithuania stands out as a regulatory hub for exchanges and fintech firms.

When Robinhood launched tokenised stocks and bonds in Europe earlier this year, it chose the Baltic state as its entry point.

“By building advanced licensing regimes and clear oversight, they attract exchanges and service providers that operate across much larger markets,” the report said, noting that Europe’s leadership often comes from specialised, digitally focused states rather than its largest economies.

Together, the findings paint a picture of a crypto landscape that is no longer driven by speculation alone, but by regulation, infrastructure and everyday use — with Singapore now setting the pace.