Singapore has taken the top spot in Bybit’s World Crypto Rankings 2025, reinforcing its status as one of the most active and structured digital asset markets.
The new index, produced in collaboration with DL Research, evaluates countries on user activity, institutional readiness and cultural engagement.
This positions Singapore ahead of the United States and Lithuania, two countries that continue to shape the direction of global crypto markets in different ways.
Report Reveals Two Different Global Crypto Adoption Models
The report shows how Singapore achieved a score of 7.5 out of 10, driven by high user penetration and strong cultural engagement around digital assets.
Its licensing system, high digital literacy and active institutional sector have helped create one of the strongest pipelines between retail users and regulated financial entities.
The United States now follows with a score of 7.3. Its ranking is supported by trading volumes, custody activity and a growing base of tokenization projects involving major banks and asset managers.
Lithuania, which ranked third with a score of 6.3, continues to be a preferred regulatory base for fintech and exchange firms.
The top ten also includes Switzerland, the United Arab Emirates, Ireland, Canada, the Netherlands, Vietnam and Hong Kong.
The data show two distinct adoption models. Countries such as Singapore, the US, Switzerland, Lithuania and the UAE reflect an institution-driven pattern shaped by regulation and financial infrastructure.
In contrast, Vietnam, Nigeria, Ukraine and the Philippines rely on crypto for everyday functions such as remittances, payments and savings during currency pressures or banking restrictions.
This pattern is consistent with earlier studies from Chainalysis and TRM Labs, which also found high adoption in markets facing economic constraints.
Ukraine, Moldova and Georgia remain in the lead when measured by population size.
Global RWA market climbs 63% as institutions accelerate adoption
The report also highlights how quickly real asset tokenization has expanded. The market for tokenized RWAs, excluding stablecoins, has increased by more than 63% since January 2024 and will reach $25.7 billion in early 2025.
In particular, private credit and US Treasuries dominate the sector, with 15.6 billion and 6.7 billion dollars respectively.
The United States maintains the strongest institutional readiness with a perfect score, supported by regulatory clarity and deep Wall Street involvement.
BlackRock’s BUIDL fund remains one of the fastest growing tokenized portfolios, reaching between $1.8 billion and $2.28 billion across multiple blockchains.
Major banks such as JPMorgan, Citi and Goldman Sachs have expanded tokenized settlement and insider trading programs.
Canada is now second in institutional readiness with a score of 0.93, supported by new rules for banks and insurers that come into effect in 2026.
The Philippines is also gaining momentum and becoming a regional example for Southeast Asia as it sets guidelines designed for remittance-heavy markets.
Global Data Shows Rising Stablecoin Use as Singapore Leads Tokenization Push
Singapore’s broader role in tokenized finance has also grown. In November, the Monetary Authority of Singapore confirmed plans to launch tokenized MAS accounts settled with a central bank digital currency.
Local banks have already tested interbank lending using a wholesale CBDC, reinforcing the shift from experimentation to real operational use.
MAS officials say asset-backed tokens have clearly moved beyond the laboratory stage.
The report also pointed out that stablecoins remain the most consistent asset type across all income groups.
Ukraine records the highest stable currency flow relative to GDP at 3.6%, followed by Nigeria, Georgia, Vietnam and Armenia.
These flows underscore how digital dollars have become a financial tool in both developed and emerging regions.
Separate research in March showed strong momentum in the Gulf region. The UAE recorded a 210% increase in adoption, the highest of any country in 2025, supported by high ownership levels and strong search activity.
Singapore and the United States followed, with adoption growth of 150% and 220% respectively.
The post Singapore Tops 2025 Global Crypto Rankings as RWA Tokenization Jumps 63%: Report appeared first on Cryptonews.
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