Vietnam logged $122.2 billion in cryptocurrency transaction value between July 1, 2025, and June 30, 2026. This data stems from “The 2026 Geography of Crypto Report,” published on September 30 by Chainalysis, a US-based blockchain data and analytics platform.
The figure places Vietnam fourth overall across the Central and Southern Asia and Oceania (CSAO) region, trailing Singapore ($284.1 billion), Australia ($173.1 billion), and India ($135.0 billion). Within Southeast Asia itself, Vietnam stands firmly in second place behind Singapore.
The country’s Utility Index—measuring real-world use cases and practical transfers—surged 127% year-on-year. Conversely, its Financial Index—tracking institutional and speculative market exposure—slipped 5%. This divergence indicates that market momentum was propelled primarily by peer-to-peer (P2P) transfers and cross-border retail payments rather than institutional financial vehicles.
Chainalysis highlighted that Vietnam, the Philippines, and Thailand formed an exceptionally vibrant regional hub for P2P cryptocurrency activity. Together, the three nations recorded 5.4 million P2P transfers across domestic and cross-border corridors. This accounted for 14.4% of all P2P transactions globally, even though the trio represents just 2.5% of total global cryptocurrency value.
Furthermore, more than four-fifths of domestic P2P transactions in these three markets were valued at under $1,000. The average transaction size stood at $618, roughly half the global average of $1,210, underscoring the strong grassroots, retail nature of the market.
Stablecoin Flows and Centralized Exchange Prominence
In stablecoin adoption, Vietnam recorded $6.9 billion in domestic transfers and $10.5 billion in cross-border flows. Consequently, its cross-border-to-domestic ratio stood at 1.5 times—the lowest among the markets analyzed by Chainalysis, where the regional average was 3.2 times.
Centralized exchanges (CEXs) continue to anchor the domestic ecosystem. Trading activity across centralized platforms in Vietnam totaled approximately $69.9 billion, representing 57% of the nation’s entire $122.2 billion crypto turnover during the reporting period.
Regional Comparisons Across the CSAO Bloc
Singapore emerged as the region’s undisputed cryptocurrency hub, recording $284.1 billion in total volume, a 55.4% annual jump. Institutional platforms drove the bulk of this surge, leaping 94% to reach $60.0 billion. Analysts credit Singapore’s comprehensive, transparent regulatory framework under the Monetary Authority of Singapore for consolidating its status as a regional digital asset capital.
Singapore posted gains across nearly every operational metric, except for self-custody wallets. In 2020, self-custodied wallets held roughly 90% of all crypto assets in Singapore; by mid-2026, that share declined to 48%. Nevertheless, this remains higher than the global average of 37% and the broader CSAO average of 32%.
Australia ranked second in the region at $173.1 billion. However, overall activity in the country dropped 5.6%, weighed down by sharp declines in capital flowing through decentralized exchanges (DEXs).
India secured third place in overall regional volume, yet it experienced one of the steepest market contractions, falling 14.7%—substantially steeper than the broader CSAO regional decline of 6.8%. Despite the contraction, India retained massive scale at $135.0 billion.
Notably, India led the entire region in centralized exchange volume, logging $88.4 billion in CEX inflows from July 2025 to June 2026. This edged past Singapore ($82.3 billion), Australia ($79.3 billion), and Vietnam ($69.8 billion).
Ashish Singhal, co-founder of Indian crypto exchange CoinSwitch, noted that digital assets in India remain primarily an investment asset class used to buy, hold, and sell. He added that the investor base is broadening demographically, with increasing numbers of participants over 35 joining a market once dominated by younger tech enthusiasts.
(Source: vneconomy.vn)
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Source: Vietnam Insider