Singapore Surpasses U.S. in Crypto Adoption, According to Bybit Report
Singapore just leapfrogged the United States in the global crypto race—and the shift reveals more than just trading volumes.
The Regulatory Edge
While the U.S. grapples with a patchwork of state rules and regulatory uncertainty, Singapore’s Financial Services Agency (FSA) carved a clearer path. The city-state’s licensing framework gave institutions a rulebook, not a guessing game. That clarity didn't just attract capital—it built trust.
Institutional Momentum Builds
This isn't a retail frenzy. Adoption is being driven by asset managers and family offices using Singapore as a gateway to Asian markets. They're not just buying Bitcoin; they're deploying capital into structured products, staking, and the region's burgeoning DeFi ecosystem. The infrastructure followed the money.
A Strategic Pivot, Not a Fluke
The move signals a broader rebalancing. Global capital is seeking jurisdictions that combine financial sophistication with regulatory predictability. For traditional finance veterans watching from the sidelines, it's a familiar lesson: money flows where it's treated best, even if that means bypassing the world's largest economy.
Singapore's rise highlights a simple, cynical truth in finance: heavy-handed regulation doesn't protect markets—it just sends the activity somewhere else. The U.S. debate continues while the capital finds another home.
TLDR:
- Singapore ranks #1 in global crypto adoption, surpassing the U.S.
- Asia-Pacific’s rise in crypto adoption: Singapore, Vietnam, Hong Kong lead.
- Tokenization, stablecoins, and crypto payrolls reshape global crypto trends.
- Singapore’s crypto adoption hits 11%, leading the world in digital finance.
- Real-world asset tokenization and crypto payrolls drive global crypto growth.
Bybit’s latest World crypto Rankings report has ranked Singapore first in global crypto adoption. The report, developed in partnership with DL Research, analyzed 79 countries across 28 metrics. It found that Singapore now leads in crypto adoption, surpassing the U.S., which previously held the top spot. This change reflects the city-state’s strong regulatory framework, institutional readiness, and high user engagement in cryptocurrency. Singapore’s position as a global leader in crypto adoption highlights the growing influence of Asia-Pacific markets.
Asia-Pacific Markets Drive Growth in Crypto Adoption
The Asia-Pacific region has seen significant growth in crypto adoption, with several countries making notable progress. Singapore, Vietnam, and Hong Kong rank in the top ten globally, showing how this region is setting the pace for the sector. Singapore’s crypto adoption rate stands at 11%, the highest in the world. This high user penetration is driven by a favorable regulatory environment and robust institutional infrastructure. Vietnam, which ranks 9th, has emerged as a leader in grassroots crypto adoption, primarily driven by the need for remittances and savings protection. Vietnam has the highest global rank for transactional use of cryptocurrencies.
Hong Kong, ranking 10th, has rebounded following regulatory changes and a new licensing framework. The city’s crypto adoption has increased thanks to expanding retail participation and improved regulatory clarity. Hong Kong now bridges Western and Asian financial models, using stablecoins and tokenization to further integrate crypto into traditional markets. According to Helen Liu, co-CEO of Bybit, Asia-Pacific’s performance demonstrates the region’s leadership in crypto adoption and regulation.
Emerging Trends in Crypto Adoption: Tokenization, Stablecoins, and Payrolls
The Bybit report highlights three major trends that are reshaping the global crypto landscape. One of the key trends is the rapid growth of real-world asset (RWA) tokenization. The market for tokenized assets has surged by 63%, reaching over $25.7 billion. This indicates that more industries are turning to blockchain to digitize real-world assets, such as real estate and commodities. Another important trend is the rise of local stablecoins. These currencies, pegged to local markets rather than the U.S. dollar, are gaining popularity as countries seek to reduce their reliance on the dollar.
Crypto payroll adoption is also expanding, with 9.6% of professionals now receiving part of their salary in cryptocurrency, up from 3% the previous year. This trend is particularly strong in markets like the Philippines, where crypto adoption in payrolls is increasing. The growing adoption of crypto payrolls reflects broader acceptance of digital currencies and their integration into financial systems. These trends show that cryptocurrency adoption is becoming more integrated into global financial structures and everyday transactions.
Singapore has firmly established itself as the global leader in crypto adoption, overtaking the U.S. This is a significant milestone for the crypto industry, especially in Asia-Pacific, where markets like Vietnam and Hong Kong are also experiencing rapid growth. The rise of real-world asset tokenization, local stablecoins, and crypto payrolls further demonstrates that the future of finance is increasingly digital.
