Singapore, the United States, and Lithuania lead the world in crypto adoption, according to a new report by crypto exchange Bybit, “The World Crypto Rankings 2025’’.
Singapore led the rankings in user and cultural penetration, while the US and Lithuania scored relatively well in institutional readiness.
Among the report’s other findings were the success of stablecoins across regional and income boundaries, the emerging growth of non-US dollar stablecoins, and the rapid growth of workers accepting payment in crypto.
Other crypto adoption indices have cast a spotlight on a variety of countries. Chainalysis and TRM Labs both found India, the United States, and Pakistan as the top countries for crypto adoption, while Chainalysis found Ukraine, Moldova, and Georgia as the top countries adjusted for population size.
The Bybit report, produced by DL News sister company DL Research, is meant to capture countries’ relative degrees of crypto adoption, in order to avoid over-representing countries with large populations but scant crypto use.
As such, smaller countries crop up almost as frequently on the list as do large countries. In particular, small European nations make up five of the top 20 nations and three of the top 10, in large part due to their regulatory embrace of the asset class.
“By building advanced licensing regimes and clear oversight, they attract exchanges and service providers that operate across much larger markets,” the report states.
“Their scores highlight that Europe’s contribution to global adoption leadership comes less from large economies like Germany and more from specialised, digitally oriented states.”
Lithuania, for example, received top marks in regulatory clarity and crypto onramp support. When Robinhood launched tokenized stocks and bonds in Europe earlier this year, it started in the small Baltic nation.
The report also flagged the rise of non-US dollar stablecoins as a growing factor in world crypto adoption and something that will likely drive the next wave of stablecoin growth.
Coinbase is among the companies pushing that growth. In October, Jesse Pollak, the head developer of Coinbase’s Base blockchain, called on developers around the world to partner with the company to build alternatives to tokens such as Tether’s USDT and Circle’s USDC.
“If you look at the world today, something like 60% of the world currency reserve is dollars, but then you have tens of other critical currencies, whether it’s the euro, or the yen, or even currencies like the Nigerian naira, that are huge parts of the global economy,” Pollak said.
“But right now, they’re missing in the crypto economy.”
But the growth of local stablecoins will complement, rather than supplant, US dollar stablecoins, according to the report. Stablecoins pegged to other currencies, such as the Brazilian real, will likely be used for payments and commerce, while US dollar stablecoins will remain a method of saving and hedging against inflation risk.
