TLDR
- Asia-Pacific recorded $2.4 trillion in stablecoin transactions between June 2024 and June 2025.
- Corporate stablecoin transactions surged from under $100 million to $3 billion by 2025.
- Singapore-China corridor is the most active route for stablecoin cross-border payments.
- Hong Kong introduced dedicated stablecoin regulations in August 2025 to boost market confidence.
Circle has revealed that the Asia-Pacific region recorded a staggering $2.4 trillion in on-chain stablecoin activity between June 2024 and June 2025. This marks Asia-Pacific as the fastest-growing stablecoin market in the world. The surge in adoption, particularly in Singapore and Hong Kong, is reshaping the global digital asset landscape and setting the stage for new financial innovations across the region.
Growth of Stablecoin Usage in Asia-Pacific
According to Circle’s latest report, the Asia-Pacific region has experienced a rapid increase in on-chain stablecoin activity, with $2.4 trillion transacted between June 2024 and June 2025. This substantial growth positions the region at the forefront of global stablecoin markets. Countries like Singapore and Hong Kong have emerged as central players, now ranking as the second and third largest stablecoin hubs globally, behind the United States.
The expansion of stablecoin use is particularly evident in cross-border transactions. The Singapore-China corridor, in particular, has seen the most activity, reflecting the strategic importance of Singapore in regional digital asset flows. As stablecoins become increasingly integrated into cross-border trade and finance, Asia-Pacific’s role in global digital finance is expected to continue growing.
Surge in Corporate Stablecoin Transactions
Corporate adoption of stablecoins has seen a dramatic rise, according to Circle’s report. Corporate stablecoin transactions, which were under $100 million in early 2023, surged to over $3 billion by early 2025.
This growth is being driven by sectors like travel and luxury retail, where companies have begun accepting stablecoins for payments. Notable companies such as Wetrip, Capella Hotels, and high-end reseller Ginza Xiaoma are among those leading the charge.
The use of stablecoins for business transactions offers several advantages, including faster and cheaper cross-border payments. Businesses are increasingly turning to these digital assets to streamline their operations and lower transaction costs. This trend underscores the growing integration of stablecoins into everyday business activities, which is likely to increase as adoption expands further across various industries.
Regulatory Support and Market Confidence
Regulatory frameworks in Asia, the U.S., and Hong Kong have been crucial in boosting market confidence in stablecoins. In August 2025, Hong Kong introduced a dedicated stablecoin regulation, which aims to provide legal clarity and promote innovation. Meanwhile, the U.S. passed the GENIUS Act in June 2025, establishing a formal structure for the oversight of stablecoins and their issuance.
In addition to these regulatory developments, Singapore has been at the forefront of fostering a favorable environment for digital assets. The launch of Circle’s Singapore office in May 2025 signifies the company’s commitment to expanding its presence in the region.
Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore, emphasized the growing demand for stablecoins as a new form of money, aligning with the broader regional shift toward digital finance.
Asia-Pacific’s Role in Shaping the Future of Digital Finance
Circle’s VP for Asia-Pacific, Yam Ki Chan, noted that Asia-Pacific’s interest in on-chain finance is unmatched. The region’s progressive approach to digital finance, coupled with growing institutional interest, positions it as a key driver of future stablecoin adoption. As regulatory clarity expands, Asia-Pacific is expected to play a pivotal role in shaping the future trajectory of stablecoins and digital currencies.
In line with this, the region has become central to Circle’s long-term strategy, with a strong focus on harnessing the opportunities presented by Asia’s rapidly evolving financial landscape. As transaction volumes continue to rise and new regulatory frameworks emerge, the Asia-Pacific region is poised to maintain its leadership in the stablecoin market for years to come.
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