Singapore has been ranked first in global crypto adoption for 2025, a shift attributed to regulatory clarity and institutional engagement, according to the Bybit and DL Research 2025 Global Crypto Rankings. The report coincides with a 63% surge in real-world asset (RWA) tokenization that industry studies link to a potential expansion of the investor base by about 200 million participants.
RWA tokenization, institutional rails and emerging hybrid risks
Singapore’s top position reflects a combination of transparent rules and active institutional participation, the rankings say. Market observers point to clear regulatory guardrails that have attracted capital and talent, in contrast to more cautious or fragmented approaches in other jurisdictions. Institutional involvement is cited repeatedly as a core growth vector for crypto markets in 2025, including momentum behind tokenized products and treasury allocations from large financial firms.
RWA tokenization recorded a 63% increase in market value, rising from a reported $2.57 billion to $25.7 billion, and in some estimates reaching $62.7 billion, per sector reports aggregated in the 2025 reviews. Independent forecasts referenced in those analyses project multi-trillion dollar potential by the end of the decade, underscoring expectations that tokenized assets could become a significant pillar of global capital markets. Market participants named as significant contributors include Chainlink (oracle services), Ondo Finance (asset tokenization), Mantra DAO (compliant DeFi infrastructure), Centrifuge, OpenEden and Elysia, alongside service providers such as Debut Infotech, Arkadia Global and GreenX Digital Exchange.
Chainlink’s Secure Mint and similar proof-of-reserves mechanisms are noted as technical mitigants against over-issuance of asset tokens. These tools aim to tighten the link between on-chain token supply and off-chain reserves, reducing the risk that tokenized instruments drift away from their underlying asset backing.
Rapid RWA expansion also amplifies hybrid risk vectors that combine on-chain and off-chain exposure. Direct losses attributed to RWA-specific exploits amounted to about $14.6 million in the first half of 2025, with identified vulnerabilities including oracle manipulation and custodial failures that widen the attack surface because token value represents claims on off-chain assets. Industry responses have included structured due-diligence and risk-assessment frameworks, notably a Skynet RWA security framework highlighted by security researchers as a standardizing effort for protocol review and auditing.
Singapore’s top ranking and the rapid rise in RWA tokenization mark a reconfiguration of institutional opportunity and technical risk in crypto markets. For treasuries and institutional traders, the combination of regulatory clarity, expanding RWA infrastructure and emerging security standards points to growing market access, but demands heightened operational controls to manage cross-domain exposures.
