Vietnam records $122.2 billion in cryptocurrency activity between July 2025 and June 2026, ranking second in Southeast Asia behind Singapore, according to Chainalysis data.
Vietnam has emerged as Southeast Asia’s second-largest cryptocurrency market, recording $122.2 billion in crypto activity over the 12 months to June 2026, according to a report by blockchain analytics firm Chainalysis. Singapore leads the region with $284.1 billion in activity during the same period.
The report tracks transactions involving Bitcoin, Ether, stablecoins and other digital tokens across multiple channels, including centralised and decentralised exchanges, peer-to-peer (P2P) trading, cross-border transfers and platforms serving institutional clients. The figures reflect transaction activity rather than the total value of cryptocurrency held by residents or net investment entering the market.
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Vietnam’s crypto market differs from those of regional financial centres. Vietnam, Thailand and the Philippines recorded notable P2P activity, while Singapore and Australia saw growth in transactions conducted through platforms serving financial institutions. P2P transactions involve the direct transfer of digital assets between individuals, often through online platforms connecting buyers and sellers.
The three Southeast Asian markets of Vietnam, Thailand and the Philippines recorded a combined 5.4 million small-value P2P transfers below $10,000 during the period. These transactions accounted for 14.4% of the global total, although the three countries together represented only 2.5% of the global crypto economy.
More than 80% of domestic transfers across these markets were valued below $1,000. The average transfer stood at $618, compared with $1,210 globally, highlighting the significance of smaller transactions in their P2P markets.
Stablecoins also form a substantial part of Vietnam’s digital asset activity. These cryptocurrencies are designed to maintain a relatively stable value against a reference asset, commonly the US dollar. Domestic stablecoin activity in Vietnam reached $6.9 billion during the reporting period.
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The figures underline Vietnam’s significant role in regional cryptocurrency activity, particularly in retail-oriented and peer-to-peer transactions, as digital asset markets across Southeast Asia continue to evolve.