Singapore Ranks First in 2025 Global Crypto Landscape as RWA Tokenization Surges 63%: Report

A recent report by Bybit and DL Research reveals that Singapore has secured the top position in the World Crypto Rankings for 2025. The report highlights the rapid adoption of real-world asset (RWA) tokenization, which increased by 63% since January 2024. Notably, the report indicates varying models of crypto adoption across different countries and showcases Singapore’s robust infrastructure in the digital-asset market.

Key Takeaways

Singapore leads the World Crypto Rankings 2025 with a score of 7.5, ahead of the U.S. and Lithuania.
The growth of real-world asset tokenization has surged by 63%, reaching $25.7 billion early in 2025.
Two distinct adoption models of cryptocurrency are identified: institution-driven and everyday use in countries facing economic challenges.
Singapore's central bank is piloting tokenized currency initiatives, aiming to enhance financial operations.

Singapore's Position in the Crypto Market

Singapore has claimed the top spot in Bybit’s World Crypto Rankings for 2025, reinforcing its reputation as a highly active and organized marketplace for digital assets. The ranking, created in partnership with DL Research, assesses nations based on user activity, institutional readiness, and cultural involvement with cryptocurrencies.

In this assessment, Singapore outperformed the United States and Lithuania, two countries that are also influential in the global crypto landscape.

Insights from the Report on Global Adoption Models

The report indicates that Singapore achieved a score of 7.5 out of 10, driven by significant user engagement and a strong cultural connection to digital assets. Its structured licensing process, high levels of digital literacy, and a proactive institutional sector have fostered a robust connection between retail users and regulated financial institutions.

Following Singapore, the United States earned a score of 7.3, sustained by substantial trading volumes, custody activities, and an expanding range of tokenization projects involving major financial institutions.

Global Crypto Adoption Models

Securing third place, Lithuania scored 6.3, continuing to be a favored base for regulatory purposes among fintech firms and exchanges. The top ten countries also include Switzerland, the United Arab Emirates, Ireland, Canada, the Netherlands, Vietnam, and Hong Kong.

The data reveals two clear patterns of crypto adoption: countries like Singapore, the U.S., Switzerland, Lithuania, and the UAE exhibit an institution-driven model influenced by regulatory frameworks. In contrast, nations such as Vietnam, Nigeria, Ukraine, and the Philippines use cryptocurrency as a means for everyday transactions, particularly amid economic pressures or banking restrictions.

This observation aligns with previous findings from Chainalysis and TRM Labs, which highlighted significant adoption in markets facing economic challenges. Ukraine, Moldova, and Georgia lead in terms of adoption relative to their population sizes.

Real-World Asset Market Growth

The report also emphasizes the swift growth of real-world asset (RWA) tokenization. Since January 2024, the market for tokenized RWAs—excluding stablecoins—has escalated over 63%, reaching $25.7 billion by early 2025.

RWA Market Growth

Private credit and U.S. Treasuries significantly dominate this sector, accounting for $15.6 billion and $6.7 billion, respectively. The U.S. remains the leader in institutional readiness, obtaining a perfect score due to its regulatory clarity and deep involvement from financial giants on Wall Street.

BlackRock's BUIDL fund is recognized as one of the fastest-growing tokenized portfolios, currently valued between $1.8 billion and $2.28 billion across various blockchain platforms. Major banking institutions, including JPMorgan, Citi, and Goldman Sachs, have expanded their tokenized settlement and internal trading frameworks.

Institutional Crypto Readiness

Canada ranks second in institutional readiness with a score of 0.93, aided by new banking and insurance regulations slated for implementation in 2026. The Philippines is also emerging as a regional leader in Southeast Asia, working on frameworks tailored for remittance-driven markets.

Growing Stablecoin Usage with Singapore's Tokenization Leadership

Singapore’s influence in the field of tokenized finance is on the rise. In November, the Monetary Authority of Singapore (MAS) announced its plans to pilot tokenized MAS bills settled using a central bank digital currency. Local banks have already begun testing interbank lending processes with wholesale CBDCs, marking a transition from theoretical to practical applications.

MAS officials confirm that asset-backed tokens have importantly progressed beyond experimental stages.

The report also notes that stablecoins are the most prevalent asset type across various income demographics. Ukraine leads in stablecoin flow relative to GDP at 3.6%, followed by Nigeria, Georgia, Vietnam, and Armenia.

Stablecoin Flow

These statistics illustrate how digital currencies are becoming an essential financial instrument in both developed and emerging economies.

Notably, research from March indicates robust adoption momentum in the Gulf region, with the UAE experiencing a staggering 210% increase in crypto adoption in 2025, the highest among all nations. Singapore and the United States similarly recorded significant adoption growth rates of 150% and 220%, respectively.