- Rather than leaning on a narrow set of indicators, the WCR evaluates 28 metrics built from 92 separate data inputs.
- Singapore ranks first in the WCR 2025, reflecting a blend of regulatory certainty, financial sophistication, and a strong tech-oriented culture.
Bybit, the world’s second-largest digital asset exchange by trading activity, has unveiled the World Crypto Rankings (WCR) 2025 in collaboration with DL Research. The new report delivers one of the most detailed examinations yet of how 79 countries and regions are incorporating cryptocurrency into everyday life. Rather than leaning on a narrow set of indicators, the WCR evaluates 28 metrics built from 92 separate data inputs, creating an extensive, multilayered view of global crypto engagement. This broad analytical framework not only identifies current leaders but also highlights the emerging players gaining momentum, offering strategic insights for industry participants, regulators, and crypto users worldwide.
The landscape of crypto adoption continues to evolve beyond simple ownership statistics. People and institutions are embracing digital assets for a range of reasons, including real-world financial utility, local economic pressures, regulatory clarity, and technological maturity. In many advanced economies, stronger infrastructure and regulated markets are key drivers. In contrast, developing nations often lean toward crypto due to currency instability or limited access to traditional banking. The report also reinforces that while major economic powers play an important role, wealth alone does not determine leadership, even though there is a noticeable correlation between GDP per capita and overall adoption levels.
Singapore ranks first in the WCR 2025, reflecting a blend of regulatory certainty, financial sophistication, and a strong tech-oriented culture. More than 11 percent of residents own digital assets, and the city-state’s structured licensing framework continues to attract exchanges and fintech companies from around the world. The next chapter of its evolution will focus on more widespread daily use of crypto among retail users.
The United States holds the second position, maintaining its status as the largest and most influential crypto ecosystem. Recent developments such as the approval of Bitcoin and Ethereum ETFs, supportive government initiatives like the GENIUS Act, and renewed institutional interest have helped solidify its dominance. The country also leads in decentralized finance activity, centralized exchange volumes, and adoption of the Lightning Network.
Lithuania has emerged as the third-ranked jurisdiction, establishing itself as Europe’s key entry point for global crypto providers within the MiCA regulatory framework. Although domestic transaction activity is relatively modest due to its small population, Lithuania’s licensing ecosystem and open financial environment give it considerable influence over the broader European market.
Switzerland follows in fourth place. It remains the most structurally mature crypto environment in Western Europe, supported by strong regulatory foundations that operate independently from MiCA. The combination of high institutional trust, deep engineering capability, and a globally respected banking system positions the country to continue leading in areas like custody solutions, policy innovation, and blockchain research.
The United Arab Emirates places fifth, continuing its rapid ascent as a center for asset tokenization pilots, settlement platforms, and cross-regional crypto finance. With Dubai’s VARA framework and widespread grassroots use cases like remittances, the UAE functions as a bridge connecting Asia, Europe, and Africa to the next generation of digital asset services.
One of the WCR’s major themes is the central role of stablecoins in global digital asset adoption. Stablecoins have become the most widely used crypto product, acting as safe stores of value during economic volatility, offering alternatives to restrictive banking systems, supporting international payments, and enabling access to decentralized finance. Although USD-backed tokens dominate, more regions are now encouraging the development of local currency stablecoins to strengthen domestic payment systems and reduce dependence on the dollar. These locally anchored tokens are becoming tools of both financial innovation and monetary sovereignty.
The report outlines three key areas shaping the future of stablecoins: the emergence of global regulatory alignment, deeper adoption among institutions, and intensifying competition between fiat currencies on the blockchain. Local stablecoins are expected to work in tandem with USD-pegged ones, supporting everyday commerce at home, while dollar-based tokens continue serving as preferred instruments for savings and capital protection.
Parallel to the rise of stablecoins is the accelerating shift toward real-world asset (RWA) tokenization. With leading jurisdictions such as Singapore and Hong Kong transitioning from experimental pilots to regulated markets, tokenization is enabling fractional ownership and digital settlement across assets like bonds, equities, and real estate. RWA adoption has expanded significantly in 2024, with on-chain value (excluding stablecoins) rising from about 15.8 billion dollars to more than 25.7 billion dollars. This demonstrates a meaningful structural pivot in how capital markets interact with blockchain technology. The countries most positioned to benefit from this shift include those that score highly on institutional readiness, such as the United States, Canada, Lithuania, Poland, and the Philippines.
Meanwhile, on-chain payrolls are gaining rapid traction. Crypto remuneration has evolved from a niche practice to a regulated and scalable payment model. The percentage of professionals receiving part of their salary in digital assets has grown from 3 percent to 9.6 percent within a year, with stablecoins accounting for the vast majority of payouts. In countries with large remittance and remote-work populations, such as the UAE and the Philippines, stablecoins are becoming a dependable method to pay workers while bypassing the costly friction of traditional banking rails. As this trend spreads, the boundaries between domestic and international labor markets continue to fade.
These developments reinforce that the various branches of crypto adoption are interconnected. Growth in stablecoin use supports tokenization, which in turn encourages wider on-chain financial activity including payrolls. Nations that implement forward-looking regulations will be positioned to attract investment, talent, and innovation by 2026, while those that maintain restrictive policies risk losing crypto activity to more open jurisdictions.
Bybit Co-CEO Helen Liu emphasized that robust, independent research is essential to guide blockchain innovation as the industry transitions from early experimentation to real utility across finance, commerce, and governance. DL Research echoed this sentiment, noting that the collaboration behind the WCR enables clearer, data-driven decision-making within the global digital asset ecosystem.
The full World Crypto Rankings report will be released on December 10 and aims to provide a comprehensive and standardized view of global crypto adoption, serving as an essential resource for anyone tracking the future of digital finance.
