Southeast Asia remains one of the world’s most dynamic regions for digital asset adoption. In the 2025 Global Crypto Adoption Index by Chainalysis, Indonesia, Vietnam, and the Philippines all ranked within the global Top 10, but how users transact, what they use crypto for, and how deeply they engage on-chain diverge in meaningful ways.
The data shows a region moving in the same direction, but at very different speeds and with very different use cases.
| Metric (2025) | Indonesia | Vietnam | Philippines |
|---|---|---|---|
| Global Adoption Rank | #7 | #4 | #9 |
| On-Chain Growth (YoY) | +103% | ~+55% | Modest |
| Primary Usage | Retail flows, stablecoins, DeFi | Remittances, savings, gaming, payments | CEX trading, remittances |
| Ecosystem Depth | Expanding | Depth | Broad but shallow |
| Market Profile | Scaling, high-upside | Utility-driven, resilient | Retail-heavy, DeFi-light |
Indonesia: Acceleration and Scale
Indonesia enters 2025 as one of Southeast Asia’s fastest-advancing on-chain markets. Over the past year, the country recorded a 103% increase in on-chain value received — the sharpest rise among major Asian economies, based on the latest regional analysis from Chainalysis.
Indonesia now ranks seventh globally in the 2025 Global Crypto Adoption Index, maintaining its position in the world’s top tier. Its shift from a top-three position in 2024 is largely driven by updates to Chainalysis’ methodology, which now places greater weight on institutional transfer activity.
While Chainalysis does not publish nominal inflow totals per country in its public reports, Indonesia consistently appears among the highest-activity markets in Asia, supported by a mobile-first retail user base, rising stablecoin usage, and the rapid expansion of DeFi participation across the region.
Read more: Top Licensed Crypto Exchanges in Indonesia (2025 Edition)
Vietnam: Depth and Utility
Vietnam continues to be one of the world’s most entrenched and utility-driven crypto markets. It ranked fourth globally in 2025, extending a multi-year trend of consistently high engagement.
On-chain value grew ~55% year-on-year, a steadier rise compared to Indonesia’s surge, reflecting a mature market where crypto already plays a meaningful role in daily financial behavior.
Vietnamese users rely heavily on digital assets for remittances and cross-border income flows, stablecoin-based savings, Web3 gaming ecosystems, and non-custodial DeFi tools. Rather than reacting to short-term market cycles, Vietnam’s activity reflects steady, utility-driven demand.
Philippines: High Awareness, Lower On-Chain Depth
The Philippines placed ninth globally in the 2025 index. While its retail activity on centralized exchanges remains strong, the country’s deeper on-chain engagement has slowed.
Following the play-to-earn boom, crypto awareness expanded quickly, but long-term decentralized participation did not. As a result, the Philippines remains a retail-heavy but shallow on-chain market, with usage concentrated in custodial environments and remittance corridors.
Read more: 9 Asian Countries Leading the Crypto Revolution
What to Watch in 2026
Indonesia: From Fast-Growth to Regional Hub
Indonesia enters 2026 with the strongest momentum in Southeast Asia. If current trends hold, the country is on track to become a major retail and stablecoin hub, supported by expanding DeFi liquidity, clearer regulatory direction, and growing institutional interest.
For global teams, Indonesia’s advantage lies in scale and readiness: strong retail flows, heavy stablecoin usage, and increasingly confident on-chain behavior. But capturing this momentum requires clarity on what Indonesian users actually need, how they adopt new products, and which channels drive real conversion.
A Market Fit Assessment helps teams map these patterns early, from user demand and product positioning to acquisition strategy and competitive signals ensuring campaigns and product launches land effectively in Indonesia’s fast-moving ecosystem.
Vietnam: The Utility Benchmark
Vietnam is expected to remain the region’s most utility-driven market. Growth will stay steady rather than explosive, but value-per-user continues to increase. With crypto already integrated into remittances, savings, and everyday transactions, Vietnam’s on-chain activity is deep and durable.
Philippines: From Awareness to Depth
The Philippines’ next growth phase depends on whether retail users transition from custodial platforms into deeper on-chain participation. Adoption of self-custody, lending protocols, or stablecoin-based finance would unlock new momentum; without it, growth may plateau.
