Asia-Pacific is rapidly cementing its position as a global stablecoin powerhouse, with on-chain activity totaling $2.4 trillion between June 2024 and June 2025, according to Circle. The figure reflects a 69% year-on-year increase, underscoring the region’s central role in digital finance.
At the Circle Forum in Singapore, Yam Ki Chan, Circle’s Vice President for Asia-Pacific, highlighted that 56% of institutions in the region are already using stablecoins, the highest adoption rate globally. Corporations are actively leveraging them for payments, settlements, and treasury operations, signaling deeper mainstream use.
Singapore and Hong Kong have emerged as the world’s second and third-largest stablecoin hubs after the US. The Singapore-China corridor has become the busiest cross-border channel, reflecting Singapore’s growing role in regional digital asset flows.
Monthly volumes reinforce the trend, climbing from less than $100 million in early 2023 to more than $3 billion by early 2025. Sectors ranging from travel and retail to luxury goods have begun adopting stablecoin payments.
Globally, stablecoin market capitalization topped $300 billion this year, with Tether’s USDT leading at $176.3 billion and Circle’s USDC at $74 billion. The sector expanded by 20% in Q3 2025, outpacing traditional assets, fueled by institutional interest and clearer frameworks such as the US GENIUS Act.
In Asia, regulatory momentum is accelerating. Hong Kong’s Stablecoin Bill took effect on August 1, establishing one of the first comprehensive licensing regimes.
The Hong Kong Monetary Authority has already fielded more than 40 applications, including Bank of China Hong Kong, which formed a task force to explore issuance. Animoca Brands, Standard Chartered, and HKT have also expressed interest through joint ventures.
For Circle, the region is both a growth driver and a testing ground. “Asia-Pacific’s interest in on-chain finance is unmatched globally and is unlikely to slow,” Chan said. “Our expansion in Singapore highlights the country’s role as a key regulatory and commercial hub for digital assets.”