HÀ NỘI — Việt Nam holds the second largest cryptocurrency market in Southeast Asia, with US$122.2 billion over the 12 months to June 2026, a report from blockchain analytics firm Chainalysis showed.

According to the report, Singapore led the region with $284.1 billion.

The report focused on the crypto economy and tracked the flows and activity of Bitcoin, Ether, stablecoins and other tokens across blockchains via various channels such as centralised and decentralised exchanges, peer-to-peer (P2P) trading, cross-border flows and institutional-facing platforms from July 2025 to June 2026.

It showed that Việt Nam's market has a different profile from those of other regional financial centres. Việt Nam, Thailand and the Philippines stood out for P2P activity, while Singapore and Australia saw notable growth in transactions conducted through platforms serving financial institutions.

P2P transactions involve the direct transfer of assets between individuals, often through platforms that connect buyers and sellers. Such transfers can support cryptocurrency trading, remittances or payments, although transaction data alone cannot establish the purpose of individual transfers.

The Philippines, Thailand and Việt Nam recorded a combined 5.4 million small-value P2P transfers of less than $10,000 during the period, accounting for 14.4 per cent of the global total, despite the three countries representing just 2.5 per cent of the world's crypto economy.

More than 80 per cent of domestic transfers across the three markets were worth less than $1,000. The average transfer was $618, compared with $1,210 in the rest of the world.

Stablecoins are another significant part of Việt Nam's digital asset market. These cryptocurrencies are designed to maintain a relatively stable value against a reference asset, most commonly the US dollar. Domestic stablecoin activity in Việt Nam reached $6.9 billion during the period. — BIZHUB/VNS