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- APAC stablecoin activity reached $2.4T with 69% YoY growth.
- 56% of regional institutions are actively using stablecoins.
- Singapore and Hong Kong are top hubs for regulated stablecoin adoption.
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Circle reported a staggering $2.4 trillion in on-chain stablecoin activity across Asia-Pacific, representing 69% year-over-year growth. The surge is driven by corporate payments, luxury retail, and cross-border trade, positioning Singapore and Hong Kong as the second and third-largest stablecoin markets worldwide, after the United States.
Institutions Lead the Adoption Wave
Yam Ki Chan, Circle’s VP for APAC, highlighted that 56% of institutions in Asia are actively using stablecoins for payments, settlements, and treasury functions—the highest adoption rate globally. An additional 40% of companies are piloting or planning deployments.
Asia has the highest adoption rate of stablecoins worldwide.
— Circle (@circle) October 2, 2025
At Circle Forum Singapore, we explored how APAC is embracing onchain finance, with $2.4 trillion of activity from June 2024 to June 2025.
Yam Ki Chan, VP for APAC and Managing Director for Circle Singapore, expands on… pic.twitter.com/Llj6zMEM1N
Transaction volumes have exploded, climbing from under $100 million monthly in early 2023 to over $3 billion by 2025. Businesses are leveraging stablecoins to streamline high-value transactions and cross-border settlements, signaling a shift toward digital-first finance.
Regulatory Momentum Accelerates
Regulators are racing to keep pace. Hong Kong’s Stablecoin Bill, effective August 1, 2025, established a comprehensive licensing framework, attracting inquiries from over 40 firms. Major players like Bank of China Hong Kong and Animoca Brands are moving swiftly to secure licenses, intensifying regional competition.
Meanwhile, Japan is set to approve its first yen-backed stablecoin, JPYC, expected to issue 1 trillion yen (~$6.8 billion) over three years. Hedge funds and family offices are showing strong interest, leveraging stablecoins for efficient carry trades.
Payment Giants Expand Infrastructure
Visa and Ant Group are advancing cross-border stablecoin payment solutions. Visa has already processed over $200 million in stablecoin settlements via Visa Direct, with expansion plans for 2026. Ant Group aims to secure licenses in Hong Kong, Singapore, and Luxembourg, handling billions through its proprietary blockchain network.A
Also Read: Circle Launches USDC Payouts to Brazil and Hong Kong as CRCL Stock Nears $210
Singapore also plays a pivotal role as a cross-border gateway, with MAS hosting Circle’s APAC office and local businesses, from luxury hotels to travel agencies, adopting stablecoins for real-world payments.
Asia-Pacific’s stablecoin ecosystem is maturing rapidly, blending institutional adoption, regulatory clarity, and payment innovation. Analysts predict that stablecoins could handle 5–10% of global cross-border transactions by 2030, translating to trillions in transaction volume and cementing the region as a global digital finance leader.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
