Vietnam holds the second largest cryptocurrency market in Southeast Asia, with $122.2 billion recorded over the 12 months to June 2026, according to a report from blockchain analytics firm Chainalysis. Its size and unique trading patterns make the market worth a closer look.

Singapore led the region with $284.1 billion, while Vietnam held $122.2 billion, making it the second‑largest market in Southeast Asia. Both figures come from a Chainalysis report covering July 2025‑June 2026.

The Chainalysis report shows that Vietnam, together with Thailand and the Philippines, stood out for peer‑to‑peer (P2P) activity, whereas Singapore and Australia saw growth in institutional‑focused platforms. P2P trading means individuals exchange crypto directly, often through online matching services. This P2P focus gives Vietnam a distinct profile compared with other regional financial centres.

The three countries recorded a combined 5.4 million small‑value P2P transfers of less than $10,000, accounting for 14.4% of the global total despite representing only 2.5% of the world’s crypto economy. Across Vietnam, Thailand and the Philippines, more than 80% of domestic transfers were under $1,000, with an average size of $618, compared with $1,210 elsewhere. These figures show that most crypto moves in the region are low‑value, everyday transactions.

Domestic stablecoin activity in Vietnam reached $6.9 billion during the period, highlighting the importance of stablecoins for local users. Stablecoins are designed to keep a steady value, usually linked to the US dollar, and they are becoming a key part of Vietnam’s digital asset market.

Vietnam’s crypto scene is defined by massive P2P activity, low‑value transfers and strong stablecoin use, setting it apart from other regional markets. Understanding these features helps explain why Vietnam’s market is both large and uniquely oriented toward everyday users.