Bybit rankings 2025: Ukraine, Nigeria and Vietnam lead global crypto usage

Stablecoins have become the most widely used crypto product, driving adoption in both advanced and emerging markets.

Bybit’s latest report highlights that adoption is growing fastest where traditional finance falls short, with Ukraine, Nigeria and Vietnam demonstrating how crypto has become essential under these circumstances.

The data also shows that stablecoins have become the most widely used crypto product in the world.

Emerging markets make progress by necessity

The research compares global adoption in four areas including user penetration, transactional use, institutional readiness and cultural penetration, with Singapore and the United States topping the rankings for strong balance in all four areas. However, the most meaningful growth is coming from countries where people rely on crypto because the financial system around them does not provide stability or access.

Vietnam ranks ninth and stands out with a user penetration rate of 0.68 and a transactional usage level of 0.81. Data shows that almost a fifth of the population is estimated to own digital assets, with people relying on remittances, inflation protection and savings. The country is also becoming an active hub for DePIN activities as device-based participation spreads rapidly.

Ukraine ranks thirteenth on the list and represents the clearest example of necessity-driven growth. More than $6.9 billion in stablecoin flows flowed through the economy, against a GDP of $190 billion, giving the country the highest usage relative to its economic size. Crypto has become a lifeline in Ukraine, supporting cross-border transfers and preserving values ​​in times of war, and making digital assets an important part of financial survival.

Nigeria follows in nineteenth place, offering another example of utility-based adoption. The transactional usage score of 0.83 is well above the global average, as inflation, devaluation and capital controls push households and businesses towards stablecoins, peer-to-peer platforms and digital savings instruments.

The introduction of cNGN, a naira-backed stablecoin, has also contributed to rising adoption levels. Bybit predicts that if its use expands beyond the pilot phase, Nigeria could become one of the first major emerging economies to adopt a local currency stablecoin with dollar-based options.

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Global use of stablecoins is increasing

Bybit’s findings show that stablecoins are now leading global cryptocurrency adoption and are the most evenly distributed product across markets. Their uses fall into two main categories, with some people using them for everyday payments and financial stability, while also serving as a bridge to investment products and broader participation in crypto markets.

Several factors explain the growth. In Ukraine, for example, stablecoins serve as a safe haven during political and economic instability, while Nigerians rely on them to avoid bank limits and currency shortages. In other countries, such as Hong Kong, they support capital mobility in complex, high-volume trading environments. In advanced and emerging markets, these assets expand access to financial instruments by giving people access to DeFi platforms, centralized exchanges or tokenized assets.

The data also highlights three trends shaping global adoption of stablecoins. Regulators in the United States, Hong Kong and the EU are moving toward harmonized rules on reserves and compliance. At the same time, financial institutions are integrating stablecoins into mainstream settlement systems, while interest is growing in local currency options such as the yen, the euro and naira-backed tokens.