APAC Emerges as Stablecoin Epicenter: $2.4T On-Chain as Singapore and Hong Kong Leap to No. 2 and 3, Circle Says
Circle says Asia-Pacific is now the world’s hottest stablecoin market, processing an eye-popping $2.4 trillion in on-chain activity between June 2024 and June 2025. That surge cements APAC as the fastest-growing center for digital assets and underscores how quickly the region is moving from experimentation to real-world adoption.
Across APAC, on-chain stablecoin volumes climbed to $2.4 trillion, up 69% year over year. Singapore and Hong Kong have leapfrogged other jurisdictions to become the second- and third-largest stablecoin markets globally, trailing only the United States. Corporate usage is accelerating just as fast: monthly stablecoin transactions by businesses have jumped from under $100 million in 2023 to over $3 billion in 2025. Regulatory clarity is playing a major role, with Hong Kong’s new Stablecoin Bill and the United States’ GENIUS Act giving institutions the confidence to scale up on-chain finance.
Circle unveiled these figures at its Forum event in Singapore, where Yam Ki Chan, the company’s Vice President for Asia-Pacific and Managing Director for Circle Singapore, noted that more than half of institutions in the region are already using stablecoins. With adoption outpacing other parts of the world and regulators leaning in, APAC is rapidly becoming the epicenter of stablecoin innovation. Circle shared highlights from the event on X on October 2, 2025, underscoring APAC’s pivotal role in the on-chain economy.
The company’s latest data shows Singapore and Hong Kong now rank just behind the U.S. in stablecoin activity. Notably, the Singapore–China corridor has emerged as the most active cross-border route for stablecoin transfers, reflecting strong trade ties and the appeal of instant settlement with minimal fees. Circle’s own expansion strategy mirrors that momentum: in May 2025 it opened a new office in Singapore, an announcement marked by the presence of Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS). Mohanty emphasized the need to embrace new forms of digital money such as stablecoins, a clear signal of policy support for responsible innovation.
On the commercial front, stablecoins are gaining traction across APAC’s real economy. Companies in travel, hospitality, luxury retail, and high-value consumer goods are rolling out stablecoin payment options to meet customer demand and streamline cross-border flows. Names like Wetrip, Capella Hotels, and Ginza Xiaoma have already integrated stablecoin payments, citing speed, cost savings, and operational simplicity. The trajectory is unmistakable: monthly volumes grew from sub-$100 million in 2023 to over $3 billion by 2025, driven by stablecoins’ promise of instant settlement, low volatility through fiat or commodity pegs, and compatibility with global commerce.
Regulators are racing to keep pace with this growth. Hong Kong’s Stablecoin Bill, which took effect in August 2025, established one of the world’s first comprehensive licensing regimes for stablecoin issuers and service providers. Interest was immediate: within weeks, more than 40 firms signaled plans to explore licensing, and Bank of China Hong Kong saw its shares rise 6.7% after announcing its intention to apply. In the U.S., June 2025 brought the passage of the GENIUS Act, a landmark step that provided long-sought regulatory clarity and encouraged institutional participation. Even in mainland China, authorities are studying potential applications; in July 2025
