Ukraine, Nigeria and Vietnam lead global cryptocurrency adoption in regions where traditional banking systems fail to meet basic financial needs, according to a new ranking from Bybit.
The exchange's 2025 report identifies stablecoins as the most widely used crypto product worldwide, with adoption concentrated in markets facing currency instability and restricted access to conventional financial services.
What Happened: Emerging Markets Drive Adoption
Bybit measured global adoption across four categories: user penetration, transactional use, institutional readiness and cultural penetration.
Singapore and the United States ranked highest overall due to balanced performance across all metrics, but the most significant growth emerged from countries where residents rely on digital assets to address systemic financial failures.
Vietnam placed ninth with a user penetration rating of 0.68 and transactional use level of 0.81.
Nearly 20% of the country's population owns digital assets, using them primarily for remittances, inflation protection and savings. The nation has become an active center for decentralized physical infrastructure network activity as device-based participation expands rapidly.
Ukraine ranked thirteenth despite demonstrating the highest usage relative to economic size. More than $6.9 billion in stablecoin flows moved through the country's economy against a GDP of $190 billion.
Digital assets support cross-border transfers and value preservation during wartime, functioning as a critical component of financial survival.
Nigeria appeared in nineteenth place with a transactional use score of 0.83, well above the global average. Inflation, currency devaluation and capital controls push households and businesses toward stablecoins, peer-to-peer platforms and digital savings tools.
The launch of cNGN, a naira-backed stablecoin, has contributed to rising adoption rates.
Bybit predicts that if cNGN use expands beyond pilot stages, Nigeria could become one of the first major emerging economies where a local currency stablecoin is used alongside dollar-based options.
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Why It Matters: Stablecoins Reshape Finance
Stablecoins now lead global crypto adoption and represent the most evenly distributed product across markets, according to Bybit's findings.
Usage falls into two categories: daily payments and financial stability in emerging markets, and as a bridge to investment products and broader crypto participation in developed economies.
In Ukraine, stablecoins function as safe-haven assets during political and economic instability.
Nigerians use them to bypass banking restrictions and currency shortages. In Hong Kong, they support capital mobility in high-volume trading environments. Across both advanced and emerging markets, these assets expand access to decentralized finance platforms, centralized exchanges and tokenized assets.
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