India enters global top 10 for crypto transactional use on Stablecoin surge

India's Crypto Use Accelerates Despite Regulatory Uncertainty: Bybit Report

India has emerged among the top 10 countries globally for crypto transactional use, led by a surge in stablecoin adoption and consistent retail activity, according to the World Crypto Rankings 2025 report by Bybit and DL Research. India ranks nineth worldwide, supported by millions of users who now rely on digital assets for savings, cross-border transfers and everyday financial transactions. 

 

The report highlights that stablecoins—once a niche product for traders—have rapidly become a foundational element of digital finance, with global transaction volumes hitting a record high in July 2025. This rise is driven by their expanding role in remittances, merchant payments, cross-border settlements and payroll, as seen in the steep climb on-chain volumes over the past four years.

 

“Despite regulatory uncertainties, India continues to demonstrate remarkable growth in crypto adoption, driven largely by stablecoins and an active retail base. This ranking underscores India’s potential to become a global force in digital finance, and Bybit remains committed to working with partners, policymakers, and the community to support this evolution,” said Vikas Gupta, Country Manager of Bybit India.

 

Leaders in 2025:

Singapore and the United States top the rankings with strong balance across all four pillars. Singapore’s leadership comes from its regulatory clarity, licensing frameworks, and global institutional influence.  

?-? Institutional hubs at the top: Singapore (1), the United States (2), Lithuania (3), Switzerland (4), and the United Arab Emirates (5) demonstrate how adoption flourishes when infrastructure, regulatory frameworks, and institutional participat

 

The United States combines deep capital markets, high retail penetration, and strong cultural visibility, reflected in its second-place position.

 

Smaller markets also rise into the top tier. Lithuania ranks highly thanks to its licensing infrastructure and role as an EU entry point under MiCA. Vietnam performs strongly in transactional use and user penetration, showing how grassroots adoption can drive high scores even when institutional readiness lags. 

 

Ukraine and Nigeria also rank among the global leaders, reflecting necessity-driven adoption powered by remittances, stablecoin flows, and day-to-day reliance on crypto in unstable environments.

 

Shift From Dollar-Pegged Tokens to Local Stablecoins

 

While USD-pegged assets like USDT and USDC dominated adoption through 2023–24—especially in emerging markets seeking a hedge against inflation—the report suggests that 2025 marks the beginning of “Stablecoin Adoption 2.0”. Countries are now experimenting with local-currency stablecoins, enabling domestic payments, commerce, and real-world settlements to move on-chain. 

As stablecoin volumes grow, three trends are emerging: regulatory convergence among leading jurisdictions, increasing integration into mainstream financial systems, and growing interest in local-currency alternatives

 

The trend is particularly strong in markets that rank high on transactional crypto use, including Ukraine, the US, Nigeria, Vietnam, Kenya and Pakistan. India’s inclusion in the top 10 signals the increasing use of stablecoins not just for trading but for real-world payment activity.

 

A Market Driven by Retail, Not Speculation

 

Unlike high-GDP nations where centralised and decentralised exchanges see heavy investment-led traffic, India’s crypto participation continues to be utility-driven. Users are relying on stablecoins for practical financial needs—from hedging against currency volatility to low-cost remittances—rather than speculative activity. 

 

The country is also witnessing the rapid rise of a developer ecosystem around blockchain applications, even as taxation and regulatory frameworks evolve.

 

Payroll on the Blockchain

 

One of the most striking shifts noted in the report is the emergence of crypto payrolls, with the share of professionals receiving part of their salary in digital assets rising from 3% last year to 9.6% this year, over 90% of which is paid in stablecoins. 

 

This move from niche freelance arrangements to regulated, cross-border workforce payments indicates a potential structural shift in how salaries, incentives and contract payments are handled globally.

 

2026 outlook: 

Looking ahead, 2026 will be shaped by how governments respond to growing adoption.

 

The rollout of MiCA in the EU will consolidate Europe’s regulatory landscape, boosting hubs like Lithuania and Ireland.

 

Nigeria’s regulatory decisions will determine whether one of the world’s most active grassroots markets

remains informal or is brought into the formal system.

 

Stablecoin growth will accelerate in both developed and necessity-driven markets, with local-currency versions playing a larger role in domestic payments.

 

Tokenisation of real-world assets is moving from pilots to regulated markets in hubs such as Singapore, Switzerland, and the UAE.

 

Crypto payroll and on-chain salaries are expected to expand in high-remittance and remote-work economies, from the Philippines to Latin America.