Ukraine has become a global leader in the use of stablecoins in the economy.
Date: 2025-12-15 Author: Gabriel Deangelo Categories: IN WORLD
Ukraine ranked first globally in the ratio of stablecoin transactions to gross domestic product, confirming their key role in the country's real economy. This conclusion is contained in the global study "World Crypto Rankings 2025," prepared by the analytics company DL Research in collaboration with the Bybit exchange.
For the report, experts analyzed 79 countries and territories using 28 indicators and 92 datasets. The assessment covered retail and institutional adoption of crypto assets, the regulatory environment, the level of on-chain infrastructure development, and the long-term sustainability of the ecosystem. According to the study's authors, it is the combination of these factors that allows one to assess the maturity of the crypto market, not just the trading volume.
Singapore took the lead in the overall cryptoasset adoption rankings, where digital assets are deeply integrated into the financial system thanks to clear licensing and high user trust. The United States ranked second due to an influx of institutional capital, ETF approval, and a strong position in DeFi and centralized exchanges. Lithuania, Switzerland, and the UAE also rounded out the top five, each having developed its own regulatory and market development model. Ukraine ranked 13th, ahead of the UK, Austria, and Poland.
A separate section of the study was devoted to stablecoins, which analysts call the most widely used crypto product in the world. They are widely used for international transfers, settlements, DeFi protocols, and protecting savings from currency fluctuations. More and more countries are considering the issuance of stablecoins pegged to national currencies as an element of financial independence.
It was in this segment that Ukraine demonstrated the best results. In terms of stablecoin turnover to GDP, the country ranked first globally, ahead of Nigeria and Georgia. Furthermore, Ukraine became a leader in the practical use of stablecoins (transactional use), demonstrating high activity in both the CEX and DeFi sectors. Analysts attribute this to the events of 2022, when, amid a full-scale cryptocurrency invasion, cryptocurrencies became an important financial instrument for individuals and businesses.
It is also noted that Ukraine also topped Chainalysis' population-adjusted cryptocurrency adoption ranking, ranking eighth overall among 151 countries. At the same time, the tokenization of real assets is accelerating globally: the on-chain value of real assets, excluding stablecoins, has grown by more than 60% since the beginning of the year, indicating a shift from experimentation to the systemic integration of blockchain into capital markets.
The report's authors emphasize that by 2026, countries with clear rules and developed infrastructure will gain a sustainable competitive advantage, while overly conservative approaches could lead to an outflow of capital and innovation.
