Crypto activity in Vietnam reached $122.2 billion from July 2025 to June 2026, ranking the country second in Southeast Asia after Singapore, according to a Chainalysis report cited by VnExpress.
The report tracks Bitcoin, Ether, stablecoins and other tokens across centralized and decentralized exchanges, peer-to-peer transfers, cross-border flows and platforms serving institutions. Its activity figure measures transaction volume. It does not show how much crypto Vietnamese residents hold or the net amount invested in the market.
Singapore recorded $284.1 billion during the same period. Vietnam's figure was equal to nearly 24% of the country's 2025 GDP. Average daily activity was about $335 million, close to one third of the average value traded per session on the Ho Chi Minh Stock Exchange in the previous year.
Vietnam, Thailand and the Philippines had a relatively large share of peer-to-peer activity. Singapore and Australia saw stronger growth in transactions through platforms serving financial institutions.
Peer-to-peer transfers move assets directly between individuals, sometimes through a platform connecting buyers and sellers. They can be used to buy or sell digital assets, send money or make payments. Transaction data alone does not show the purpose of each transfer.
During the study period, Vietnam, Thailand and the Philippines recorded a combined 5.4 million peer-to-peer transactions worth less than $10,000. That was 14.4% of all transactions in this category worldwide, although the three markets accounted for 2.5% of the global crypto economy under Chainalysis's measure.
More than 80% of domestic transactions in the three countries were worth less than $1,000. The average transaction was $618, compared with $1,210 in the rest of the world.
The figures show a substantial presence of small-value peer-to-peer transfers in these markets. Chainalysis did not publish a separate count for Vietnam, so the country's exact share of the combined 5.4 million transactions cannot be determined.
Stablecoins were another notable part of the report. Domestic stablecoin activity in Vietnam reached $6.9 billion during the study period. This is the estimated volume of domestic stablecoin activity under Chainalysis's method, not the value of stablecoins circulating in Vietnam or the assets held by residents.
The report does not show whether all of that activity came from payments for goods, personal transfers or investment transactions.
Across the region, cross-border stablecoin activity was larger than domestic activity. In some markets, cross-border flows were 50% to more than 100% higher than domestic activity. Malaysia recorded the largest gap, at 29.5 times.
Experts interviewed by Chainalysis said stablecoins can shorten settlement times and reduce costs for cross-border transfers. Developed domestic payment systems may mean that people in some countries have less need to use stablecoins for everyday payments than for international transfers.
Sources: VnExpress
