Singapore Tops 2025 Global Crypto Rankings Amid Growing RWA Tokenization
Bybit's World Crypto Rankings 2025, produced with DL Research, ranks Singapore first with a score of 7.5 out of 10. The United States holds second place at 7.3, with Lithuania in third at 6.3. Singapore's leading position in the rankings is attributed to factors including regulatory clarity, high user engagement, a robust licensing regime, strong digital literacy, and a well-established pipeline connecting retail users and regulated financial entities.
The top ten countries in the ranking also include Switzerland, the United Arab Emirates, Ireland, Canada, the Netherlands, Vietnam, and Hong Kong. Two distinct adoption models have emerged: institution-driven markets such as Singapore, the US, Switzerland, Lithuania, and the UAE, and remittance or banking-constrained markets like Vietnam, Nigeria, Ukraine, and the Philippines.
Global real-world asset (RWA) tokenization, excluding stablecoins, increased by 63% since January 2024, reaching approximately $25.7 billion in early 2025. This growth is primarily led by private credit valued at $15.6 billion and US Treasuries at $6.7 billion. The United States demonstrates the strongest institutional readiness with a perfect score, supported by financial giants such as JPMorgan, Citi, and Goldman Sachs, which are expanding tokenized settlement and internal trading. BlackRock's BUIDL fund manages between $1.8 billion and $2.28 billion across multiple blockchains.
Canada ranks second in institutional readiness with a score of 0.93, anticipating new regulations affecting banks and insurers from 2026. The Philippines is gaining momentum as a remittance-heavy market, with noted growth in the broader Gulf region.
Stablecoins remain the most consistent asset type across different income groups. Ukraine leads stablecoin flow relative to GDP at 3.6%, followed by Nigeria, Georgia, Vietnam, and Armenia. Separately, Gulf-region research indicates the UAE experienced a 210% adoption surge in 2025, while Singapore and the United States saw growth rates of 150% and 220%, respectively.
