Bybit released its Cryptocurrency Adoption Index report, showing that the Asia-Pacific region is accelerating the adoption of cryptocurrencies.

A summary of cryptocurrency adoption in Asia

The cryptocurrency revolution in the Asia-Pacific region is both rapid and far-reaching. Innovation, demand, and diversification intertwine here, fostering the world’s most diverse and representative cryptocurrency ecosystem, with six markets ranking among the top 20 in the global cryptocurrency adoption index. Institutional dominance and grassroots adoption coexist here, and regulatory guidance, technological advancements, and real-world applications merge, propelling the Asia-Pacific region to play a pivotal role in the future development of cryptocurrencies globally.

• Singapore (Ranked #1): Singapore holds a leading position in global cryptocurrency adoption thanks to its clear regulatory environment, mature institutional base, and high level of cultural engagement. According to the report, over 11% of Singaporeans hold cryptocurrency, boasting the highest user penetration and regulatory clarity globally. A robust licensing system has attracted numerous international exchanges and fintech companies to the city. Future market development will further focus on expanding retail and trading applications.
• Vietnam (Ranked 9th): Vietnam ranks highest among emerging markets, with local cryptocurrency activity primarily driven by grassroots efforts. Nearly 20% of the population holds digital assets, widely used for remittances, savings, and inflation protection. Vietnam leads globally in the adoption and transactional use of decentralized physical infrastructure (DePIN), demonstrating how market demand can innovate even with limited infrastructure.
• Hong Kong (Ranked 10th): Driven by regulatory innovation and internationalization goals, Hong Kong is experiencing a strong resurgence in the cryptocurrency market. Its user penetration rate ranks eighth globally, and its DePIN participation is also above the global average, demonstrating a synergistic effect between retail participation and institutional momentum. Hong Kong’s role as a bridge connecting Western and Asian application models remains evident, while the new licensing framework and increased institutional participation enable Hong Kong to connect global financial markets with China’s capital control system through stablecoins and tokenization. Looking ahead, promoting broader retail adoption will be a significant challenge for the development of Hong Kong’s cryptocurrency market.
• Australia (11th), the Philippines (17th), and South Korea (20th) also made it into the global top 20. Australia’s ecosystem is primarily driven by local culture and research institutions. The Philippines boasts highly prepared institutions and a user base dominated by mobile devices. South Korea possesses a strong domestic exchange and robust market enthusiasm; how to translate this advantage into institutional leadership remains to be seen.

Helen Liu, Co-CEO of Bybit Group, stated, “The rise of the Asia-Pacific region in the cryptocurrency space is impacting the global financial landscape. The World Cryptocurrency Rankings Report highlights how the region is leading the industry, from Singapore’s regulatory policies and Vietnam’s grassroots adoption to the Philippines’ efforts in promoting financial inclusion. This report not only presents the current situation in each country but also provides industry leaders, policymakers, and users with a macroeconomic perspective, helping them understand how local innovation is influencing the global future of cryptocurrency.”

The WCR also revealed three major trends in cryptocurrency applications by 2025.

Trend 1: Tokenization of Real World Assets (RWA) Opens Up New Opportunities

The trend of tokenizing physical assets is also accelerating. Since January 2025, the total value of RWA listings (excluding stablecoins) has grown from approximately $15.8 billion to over $25.7 billion, an increase of more than 63%. This growth momentum is expected to continue this year, with both trading volume and the types of assets available for tokenization expected to expand significantly. Under this trend, countries that score high in the “Institutional Readiness” indicator will be best positioned to capitalize on the opportunities presented by this structural change.

In the “Institutional Completeness” indicator, the United States ranked first globally, while the Philippines and Australia entered the top ten, ranking fifth and ninth globally, respectively.

Trend 2: The Rise of Local Stablecoins

As digital assets move from the periphery to the core of the economy, the Asia-Pacific region is witnessing increased adoption of local stablecoins. In this transformation, local stablecoins pegged to national currencies are gaining prominence and attention. Policymakers and innovators are exploring the applications of local stablecoins to improve payment efficiency, reduce dependence on the US dollar, and strengthen monetary sovereignty.

The countries ranking highest in the “transaction application” dimension are the most active adopters of stablecoins in scenarios such as remittances, merchant payments, cross-border settlements, and savings. Ukraine, the United States, and Nigeria rank in the top three globally, while Vietnam and Indonesia in the Asia-Pacific region rank fourth and tenth globally in this dimension, respectively.

In economies where inflation, capital controls, or banking service gaps persist, local stablecoins are rapidly filling these financial voids. They enable households to send and receive money instantly, businesses to easily conduct and complete cross-border transactions, and individuals to obtain a stable store of value during times of uncertainty. For governments, developing local stablecoins is not only a new tool for monetary policy but also a crucial way to modernize the national payment system.

Trend 3: On-chain payroll is accelerating.

Furthermore, the application of cryptocurrency in salaries and on-chain payroll is gradually expanding. In economies like the Philippines, where remittances and overseas work are prevalent, stablecoins are increasingly being used to pay workers, freelancers, and gig economy participants. Compared to 2023, the proportion of people receiving part of their salaries in cryptocurrency more than doubled from 3.0% to 9.6% in 2024, with stablecoin payments accounting for over 90% of that.

This trend has gradually made cryptocurrency a part of the daily financial lives of millions of people, helping users bypass the delays and fees of traditional remittance channels and providing families with a faster and more reliable source of income. As more users and businesses adopt this approach, the boundaries between local and global labor markets are further blurring, and the increased accessibility of financial services is also benefiting communities that have long been neglected by traditional finance.

To view the full “World Cryptocurrency Rankings Report,” please see here . This report provides a multi-dimensional, standardized, and factual analysis of global cryptocurrency adoption, offering decision-making guidance and discussion topics for industry professionals, policymakers, and users concerned with the future of finance, and contributing to the development of a new era of digital finance.

About Bybit

Founded in 2018, Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 70 million global users. Bybit is committed to creating a simpler, more open, and equitable ecosystem for everyone, redefining openness in a decentralized world. Deeply rooted in the Web3 space, Bybit strategically partners with leading blockchain protocols to provide robust infrastructure and innovation. Renowned for its secure custody services, diversified marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between traditional finance (TradFi) and decentralized finance (DeFi), empowering builders, creators, and enthusiasts to fully unlock the potential of Web3. To explore the future of decentralized finance, visit Bybit.com .

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