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- Singapore tops global crypto adoption as RWA tokenization rapidly expands worldwide.
- On-chain payroll rises sharply, driven by growing stablecoin usage across industries.
The latest news from the 2025 Global Crypto Rankings Report confirms that Singapore now ranks first in digital asset adoption, surpassing the United States. The report, compiled by Bybit and DL Research, evaluated 79 countries and shows a clear shift in the global crypto adoption landscape.
The report places Singapore in first place, ahead of the US, Lithuania, Switzerland, and the UAE. In parallel, RWA tokenization jumped to $2.57 billion, a clear sign that crypto is expanding into economic spaces once ruled by traditional systems.
Why Singapore Leads This Global Shift
The report highlights three major drivers currently under discussion among industry players. RWA tokenization has accelerated, rising 63% to around $2.57 billion.
There’s also growing interest in stablecoins backed by domestic currencies, mainly because they let people enjoy fast digital payments without losing the anchor of their national money. Meanwhile, on-chain payroll has edged up to 9.6%, and the bulk of those payments run through stablecoins.
Given this shift and new patterns, Singapore’s position is not surprising. The country is known for its rapid adoption of financial technology and has a fairly active user community.
Furthermore, the penetration of digital asset ownership has helped drive the ecosystem’s growth. A population accustomed to digital services has made the transition to crypto use smoother than many other countries. However, other countries are also struggling to catch up, especially those with a young user base or a large remittance market.
Furthermore, this discussion of global rankings illustrates that the momentum in crypto adoption is not just an isolated phenomenon, but part of a larger economic driver. The growth of the tokenization market, the accelerating pace of stablecoins, and the use of digital assets for payrolls indicate a new direction in digital transactions.
Interestingly, this development also aligns with our previous report. In mid-August, we noted Singapore’s significant push to bring tokenization to the real-world financial realm through its XRP Ledger-based innovation.
At the time, Leong Sing Chiong, Deputy Managing Director (Markets & Development) of the Monetary Authority of Singapore, emphasized that the country had been involved in several important initiatives, including the formation of the Guardian Wholesale Network Industry Group by Citi, HSBC, Schroders, Standard Chartered, and UOB.
Looking elsewhere, on August 16, we also highlighted the growing adoption of crypto in Argentina, despite the government’s silence on regulations. At the time, a deregulation decree permitted crypto-based contracts but did not address their taxation or status as legal tender.
Also, on December 1, we reported that South Korea was expediting the drafting of its Digital Asset Act following numerous AML and KYC issues at local exchanges. The draft regulation introduced plans for a won-based stablecoin with a bank-led model, adding new color to the global race towards a broader digital asset ecosystem.
