Bybit Releases World Crypto Rankings 2025: Highlighting Who Leads Global Crypto Adoption
In Brief
Integration of stablecoins, tokenized assets, and on-chain payroll is driving crypto adoption, with clear regulatory frameworks enabling innovation and a more inclusive digital financial ecosystem.
Cryptocurrency exchange Bybit announced the release of The World Crypto Rankings (WCR) 2025, produced in collaboration with DL Research. The publication offers an extensive, data-focused assessment of how 79 countries and territories are incorporating digital assets into their economic and social landscapes. Rather than relying on single-factor evaluations, the WCR applies a broad analytical framework built on 28 metrics and 92 individual data points. This multidimensional structure highlights not only the nations leading today’s crypto landscape but also the underlying trends shaping rising participants, delivering insights relevant to industry stakeholders, regulatory bodies, and crypto users worldwide as they navigate a rapidly evolving sector.
The forces influencing global crypto adoption have expanded significantly, driven by practical utility, grassroots reliance, technological progress, clearer regulatory frameworks, and varying degrees of economic stability. Higher-income regions often benefit from stronger infrastructure and greater access to financial services, while lower-income regions may adopt digital assets out of necessity. Although the largest economies do not automatically become the primary crypto hubs, there remains a notable positive correlation between GDP per capita and wider adoption.
Singapore currently ranks first overall, reflecting a combination of regulatory transparency, mature institutional involvement, and strong cultural interest in digital assets. More than 11% of the population holds cryptocurrency, and its licensing framework continues to draw leading exchanges and financial technology firms. Attention is now shifting toward expanding everyday transactional use.
The United States holds second place, maintaining its position as the world’s largest and most influential cryptocurrency market. Recent developments including the approval of digital asset exchange-traded funds (ETFs), the GENIUS Act, and a more supportive political environment have contributed to substantial institutional engagement. The US also leads across several key categories such as decentralized finance activity, centralized exchange liquidity, and usage of the Lightning Network.
Lithuania ranks third and has developed into a primary European gateway for cryptocurrency exchanges and digital asset service providers operating under the MiCA regulatory structure. Many firms registered in Lithuania work on a global scale rather than exclusively within national borders. While its domestic market is relatively small, the country’s open financial environment and digitally literate population provide it with disproportionate influence within the European cryptocurrency sector.
Switzerland follows in fourth position and distinguishes itself as Western Europe’s most comprehensively developed cryptocurrency environment. The country benefits from strong, independent regulatory clarity, advanced infrastructure, high levels of public institutional trust, and established cultural acceptance of digital innovation. Combined with a globally respected financial sector and deep technical expertise, Switzerland remains well placed to drive research, policy development, and custody solutions.
The United Arab Emirates ranks fifth and has become the leading regional center for tokenization initiatives and settlement systems within the Middle East and North Africa. It also serves as a strategic connection point between the financial markets of Asia, Europe, and Africa. The UAE’s landscape blends the ambitious regulatory frameworks introduced through VARA in Dubai with significant grassroots activity driven by remittances and one of the highest rates of cryptocurrency usage globally.
Stablecoins Lead Global Crypto Adoption As Top Digital Asset Use Case
As digital assets become more central to the global economy, stablecoins are increasingly used as safe havens during periods of market volatility, alternatives to limited banking infrastructure, tools for cross-border payments, and gateways to decentralized finance. They remain the most widely adopted and broadly distributed form of cryptocurrency. While USD-pegged stablecoins dominate global transaction volumes, more countries are exploring or promoting local-currency stablecoins to improve domestic payment efficiency, reduce dependence on the US dollar, and offer regulated alternatives to informal markets. These local stablecoins are emerging as instruments of both monetary sovereignty and financial innovation. The report highlights that stablecoins are likely to drive regulatory alignment, greater institutional adoption, and new dynamics in global fiat competition. Local and USD-pegged stablecoins are expected to coexist, serving distinct purposes: domestic transactions and commerce versus savings and capital preservation.
Unlocking New Opportunities With RWA Tokenization
Alongside stablecoins, real-world asset (RWA) tokenization is accelerating, enabling bonds, equities, and real estate to be represented on blockchains. In financial hubs like Singapore and Hong Kong, tokenization is advancing from pilot programs to regulated markets, supporting fractional ownership and blockchain-based settlement. This approach enhances market efficiency, transparency, and liquidity while attracting global capital, positioning the Asia-Pacific region as a leader in next-generation finance. Since January, the total on-chain value of tokenized RWAs, excluding stablecoins, has grown over 63%, from $15.8 billion to more than $25.7 billion. This expansion signals a structural shift as capital markets increasingly integrate tokenized assets into mainstream operations, with countries ranking high on institutional readiness—such as the United States, Canada, Lithuania, Poland, and the Philippines—poised to benefit the most due to their established legal frameworks, infrastructure, and supportive ecosystems.
On-chain Payrolls New Norm For The Global Workforce
Cryptocurrency payrolls are evolving from informal arrangements for crypto-native workers into regulated, scalable solutions for the global workforce. The proportion of professionals receiving part of their salary in cryptocurrency has grown from 3% last year to 9.6% this year, with stablecoins representing more than 90% of these payments. In regions with high remittance activity and significant remote workforces, including the UAE and the Philippines, stablecoins are increasingly used to pay employees, freelancers, and gig workers. This approach provides faster, more reliable access to income, bypassing the fees and delays of traditional remittance systems, and is helping integrate crypto into everyday financial life for millions. As adoption grows, it is also blurring the lines between local and global labor markets, offering financial access to communities previously underserved by traditional banking.
Regulated cryptocurrency payroll adoption is expected to expand in two main contexts. In global financial and technology hubs such as the UAE, the US, Singapore, and Hong Kong, legal clarity, strong fintech infrastructure, and high-value industries are supporting on-chain salaries for domestic and international employees. In emerging economies with large remote workforces and strong stablecoin demand, such as the Philippines, Kenya, and Brazil, on-chain payroll provides a cost-effective and compliant alternative to slow correspondent banking, while still aligning with local labor and tax regulations.
Inside The Evolving Crypto Landscape
These developments are closely interconnected. The use of local stablecoins enhances payments and remittances, which supports the expansion of tokenized assets and on-chain payroll systems. As cryptocurrency increasingly serves real-world purposes, the demand for regulated, innovative financial products rises, creating a reinforcing cycle that advances the broader ecosystem.
Digital assets are becoming more deeply embedded in global financial systems. By 2026, jurisdictions that establish clear regulatory frameworks and infrastructure for cryptocurrency integration are likely to attract talent, foster innovation, and capture tax revenues, while countries with restrictive approaches may see activity shift to more accommodating regions. Policymakers face a choice between actively integrating cryptocurrency into formal financial systems or maintaining cautious oversight through existing licensing structures while assessing associated risks and benefits.
“Rigorous, independent research is essential for driving meaningful innovation in blockchain and crypto. 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,” said Helen Liu, Co-CEO of Bybit, in a written statement. “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,” she added.
“Partnering with Bybit on the World Crypto Ranking Report lets us bring DL Research’s on-chain data together with a truly global trading perspective,” said Ryan Celaj, Head of Research at DL Research, in a written statement. “This kind of collaboration is essential if we want to move the industry toward more transparent, evidence-based decisions, and we are excited to keep building on this work in future editions,” he noted.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
