America comes second as Singapore tops Bybit's World Crypto Rankings

Bybit released its 'World Crypto Rankings (WCR) for 2025, a multidimensional report assessing how 79 countries and territories integrate crypto into their economies and societies.

It ranks Singapore first, the United States second, Lithuania third, Switzerland fourth and the United Arab Emirates fifth.

The report, commissioned by the crypto exchange, was developed in partnership with DL Research and draws on 28 metrics and 92 data points, the company said in a statement.

Bybit said the WCR aims to identify market leaders and the forces behind emerging contenders.

Over 11% of Singaporeans hold crypto, according to the WCR, which meanwhile described the US as the largest crypto market and highlighted institutional-level developments.

Lithuania is presented as a "European licensing hub", Switzerland as a structurally complete adopter in Western Europe, and the UAE as a regional hub for tokenization and remittances.

“Rigorous, independent research is essential for driving meaningful innovation in blockchain and crypto," said Helen Liu, Co-CEO of Bybit.

"Bybit is proud to have played a supportive role in bringing the WCR to life with DL Research, a leader in Web3 insights and analytics.”

She added: “We’re witnessing a pivotal moment where blockchain technology is transitioning from experimentation to real-world integration across finance, commerce, and governance. The talent, innovation, and momentum we’re seeing globally signal that we’re building the foundational infrastructure for a more inclusive and efficient digital economy."

The report highlights stablecoins as the leading global use case and says USD-pegged tokens dominate volumes while more countries encourage local currency stablecoins.

It says tokenization of real-world assets is accelerating: since January, the total on-chain value of RWAs, excluding stablecoins, has increased by more than 63%, rising from approximately $15.8 billion to over $25.7 billion.

Crypto payroll adoption rose from 3% last year to 9.6% this year, with stablecoins accounting for over 90% of such payments.

The report identifies adoption corridors in global financial and technology hubs and in emerging economies with large remote workforces.

The Recap

• Bybit published the World Crypto Rankings covering 79 jurisdictions.
• The report uses 28 metrics and 92 data points.