India joins global crypto elite, ranks among top 10 in transactional use

India has emerged among the top 10 countries globally for transactional crypto use, according to the World Crypto Rankings 2025 report, jointly published by Bybit and DL Research. The country secured the 9th position, supported by a strong retail user base and growing adoption of stablecoins.

 

Leading the global rankings is Ukraine, followed by the United States. Other countries ahead of India include Nigeria, Vietnam, Kenya, the United Kingdom, Pakistan, and the Netherlands, while Indonesia completes the top 10. In contrast, India ranks 40th in the World Crypto Adoption Index.

 

The report notes that India’s crypto ecosystem continues to expand despite evolving regulatory and taxation frameworks. As a utility-driven innovator, the country is witnessing rapid growth in its developer ecosystem alongside millions of users turning to digital assets for savings, remittances, and investments.

 

“Despite regulatory uncertainties, India continues to demonstrate remarkable growth in crypto adoption, driven largely by stablecoins and an active retail base,” said Vikas Gupta, country manager of Bybit India. “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.”

 

The report also identified leading institutional hubs, with Singapore, the United States, Lithuania, Switzerland, and the UAE topping the list.  ALSO RAED| Year-ender 2025: What's next for Bitcoin in 2026? Experts weigh in 

Here are the other key takeaways from the report

Singapore, US lead crypto adoption

Singapore and the United States top the World Crypto Adoption Index, demonstrating strong performance across all four pillars of adoption. Singapore’s position is attributed to regulatory clarity, licensing frameworks, and global institutional influence, while the United States benefits from deep capital markets, high retail penetration, and strong cultural visibility.

Smaller markets on the rise

Lithuania ranks highly thanks to its licensing infrastructure and role as an EU entry point under MiCA. Vietnam shows strong transactional use and user penetration, illustrating how grassroots adoption can drive high scores even without institutional readiness. Ukraine and Nigeria also feature among global leaders, reflecting necessity-driven adoption, powered by remittances, stablecoin flows, and daily reliance on crypto in unstable environments.

Stablecoins gain traction

Stablecoins are emerging as the most widely adopted crypto instrument across regions. They serve as safe havens during periods of instability, workarounds for currency shortages and banking restrictions, tools for cross-border payments, and gateways to DeFi and tokenised markets.

Crypto landscape for 2026

Looking ahead, the report predicts that the global crypto landscape in 2026 will be shaped less by whether countries adopt crypto and more by how they govern it. Usage spans both advanced economies and necessity-driven markets, with top performers expected to remain Ukraine, the United States, and Nigeria.

 

According to the report, the rollout of MiCA in the EU is anticipated to consolidate Europe’s regulatory framework, boosting hubs such as Lithuania and Ireland. In Nigeria, regulatory decisions will determine whether the country’s highly active grassroots market is formalised. Stablecoin adoption is expected to accelerate in both developed and necessity-driven markets, with local-currency versions playing a greater role in domestic payments.

 

Tokenisation of real-world assets is moving from pilot programs to regulated markets in hubs such as Singapore, Switzerland, and the UAE. Crypto payroll and on-chain salaries are likely to expand in high-remittance and remote-work economies, spanning the Philippines to Latin America.

 

“By 2026, countries that integrate crypto into their economies will strengthen their positions and capture near-term economic gains, while those that restrict adoption will see it continue beyond their reach. The strategic choices made in the coming year will determine how nations are positioned in the rapidly evolving digital economy,” said the report.