Vietnam ranks second in Southeast Asia in cryptocurrencies

According to the report, Singapore led the region with $284.1 billion.

The report focused on the crypto economy and tracked the flows and activity of Bitcoin, Ether, stablecoins and other tokens across blockchains via various channels such as centralised and decentralised exchanges, peer-to-peer (P2P) trading, cross-border flows and institutional-facing platforms from July 2025 to June 2026.

It showed that Vietnam's market has a different profile from those of other regional financial centres. Vietnam, Thailand and the Philippines stood out for P2P activity, while Singapore and Australia saw notable growth in transactions conducted through platforms serving financial institutions.

P2P transactions involve the direct transfer of assets between individuals, often through platforms that connect buyers and sellers. Such transfers can support cryptocurrency trading, remittances or payments, although transaction data alone cannot establish the purpose of individual transfers.

Bitcoin and Ethereum coins with a market trend chart in the background. Photo from Pexels

The Philippines, Thailand and Vietnam recorded a combined 5.4 million small-value P2P transfers of less than $10,000 during the period, accounting for 14.4% of the global total, despite the three countries representing just 2.5% of the world's crypto economy.

More than 80% of domestic transfers across the three markets were worth less than $1,000. The average transfer was $618, compared with $1,210 in the rest of the world.

Stablecoins are another significant part of Vietnam's digital asset market. These cryptocurrencies are designed to maintain a relatively stable value against a reference asset, most commonly the US dollar. Domestic stablecoin activity in Vietnam reached $6.9 billion during the period.