India enters global top rank for everyday crypto use

India has entered the global top tier for everyday cryptocurrency use, ranking ninth worldwide for transactional activity in a new World Crypto Rankings report from exchange Bybit and research firm DL Research.

The study places India among the top 10 markets where crypto is used for payments, remittances and routine transfers rather than only for trading and speculation. The ranking is based on indicators such as on-chain transaction patterns and product usage, with the report pointing to India's large base of retail users and rising reliance on stablecoins.

India's digital asset market has expanded in recent years amid evolving tax rules and regulatory scrutiny. The report describes an ecosystem where millions of users now hold or move digital tokens for savings, cross-border transfers and investment exposure alongside traditional financial products.

Stablecoins, which are crypto tokens pegged to fiat currencies such as the US dollar, appear central to that trend. The authors state that India's retail users show growing adoption of dollar-linked stablecoins for day-to-day transfers and as a store of value, supporting the country's climb into the top 10 transactional markets.

"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.

Institutional leaders

The report ranks Singapore first in the overall World Crypto Rankings, followed by the United States in second place. Lithuania, Switzerland and the United Arab Emirates complete the top five. The authors state that these markets have seen adoption strengthen alongside the presence of digital asset infrastructure, regulatory clarity and significant institutional participation.

This contrasts with countries such as India that sit lower in the overall table but higher in transactional rankings. In those markets, retail activity, remittance flows and practical financial use cases play a larger role than institutional trading.

Stablecoin trends

The report highlights stablecoins as the most widely adopted crypto product worldwide. It states that stablecoin use is also the most evenly distributed use case across income levels and regions.

Researchers standardised stablecoin flows as a share of national GDP and found no clear link with GDP per capita. That indicates that lower-income and higher-income countries use stablecoins at comparable intensity relative to economic output.

The data points to three global trends in stablecoin adoption. Leading jurisdictions are moving towards more consistent regulatory treatment of fiat-pegged tokens. Financial institutions are integrating stablecoins into more conventional systems such as payments and settlement. Developers and issuers are exploring tokens tied to a broader range of local currencies rather than only to the US dollar.

Traffic patterns

The report notes that web traffic to centralised exchanges and decentralised finance platforms concentrates in wealthier economies. Users in high-GDP-per-capita markets account for the majority of online visits to centralised trading venues and DeFi protocols.

The authors link this pattern to the investment and yield products offered by these platforms. They note that traffic is much lower from low-GDP countries, which they interpret as a sign that users in those markets rely more on basic transactional services such as simple transfers or stablecoin-based savings.

Payroll on-chain

One of the fastest-changing areas identified by the study is crypto payroll. Digital assets are now used for workforce payments beyond early crypto-native contractors, according to the report.

The share of professionals who receive part of their salary in crypto has increased from 3% to 9.6% over the past year. Stablecoins account for more than 90% of those payroll flows, suggesting that most workers who accept digital asset remuneration prefer tokens with relatively stable value.

The report states that on-chain payroll is shifting from informal arrangements to more regulated and scalable systems. It notes that employers are experimenting with hybrid models where workers receive part of their salary in fiat and part in stablecoins.

Policy choices

The study argues that digital assets are becoming more integrated into global financial systems as transactional usage grows. The authors state that countries with clear rules and supporting infrastructure may attract tax revenue, specialist talent and new financial services activity over the next few years.

They contrast this outlook with jurisdictions that maintain highly restrictive regimes. In those markets, the report suggests that both users and businesses may relocate their activities to countries with digital asset frameworks in place.

The authors describe two broad policy paths. One involves creating bespoke regulatory structures that embed crypto activity into the formal financial system. The other relies on existing licensing and supervisory regimes while authorities study risks and benefits.

"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 Gupta.