Singapore has been ranked the top jurisdiction for crypto adoption in 2025, driven in part by a sharp rise in real-world asset (RWA) tokenization, which climbed 63% year-on-year. The 2025 Global Crypto Rankings report from Bybit and DL Research credits policy clarity and expanding institutional infrastructure for this shift, positioning Singapore ahead of traditional leaders.
RWA tokenization, institutional rails and systemic risks
RWA tokenization — the process of representing physical or financial assets on a blockchain — recorded notable expansion through 2025. The report highlights a contested valuation range, with earlier estimates between $2.57 billion and $25.7 billion, and separate tracking showing growth from roughly $8.5 billion in early 2024 to $33.91 billion by Q2 2025, a near 380% increase. Longer-term forecasts cited in the analysis remain bullish, with McKinsey projecting a $2 trillion RWA market by 2030 and Boston Consulting Group estimating tokenized assets could reach 10% of global GDP within the same period.
Institutional participation is identified as a primary growth driver. Asset managers and established financial firms are moving beyond pilot stages, expanding tokenization use cases to tokenized gold, U.S. Treasuries and yield-bearing stablecoins backed by tokenized sovereign debt. The report lists protocols and service providers that have become central to this infrastructure layer, including Chainlink, Ondo Finance, MakerDAO, Elysia, Centrifuge and OpenEden, as well as platform and services firms such as Plume Network, Debut Infotech, Tokenize Pro, RWA Labs, RealToken Co. and BlockAsset Group.
The report frames Singapore’s ascent as the result of coordinated infrastructure development and clearer regulatory signals that have attracted institutional capital. It points to Chainlink’s oracle and proof-of-reserves capabilities and Elysia’s tokenization of U.S. Treasuries as examples of technical building blocks that reduce frictions between on-chain and off-chain assets, while citing Plume Network’s funding from Apollo Global as an indicator of traditional finance validation.
At the same time, the analysis warns of systemic vulnerabilities unique to RWAs. Hybrid dependencies between on-chain tokens and off-chain assets expand the attack surface from smart-contract bugs to oracle manipulation and custodial failures, with documented losses including about $14.6 million in RWA-specific exploits in H1 2025 and $163 million in crypto hacks across projects that included RWA initiatives in August 2025. The study recommends structured security frameworks, naming CertiK’s Skynet RWA Framework as an example of due-diligence tooling designed to reduce counterparty and custody risk.
The Bybit and DL Research rankings present Singapore’s lead as grounded in regulatory clarity, institutional on-ramps and a rapidly expanding RWA market. They simultaneously stress that security, custody and robust risk frameworks remain critical constraints for scaling tokenized real-world assets in a sustainable, institution-grade manner.
