Asia-Pacific Leads Global Stablecoin Revolution

The Asia-Pacific region is experiencing a massive boom in stablecoin usage, with a staggering $2.4 trillion in on-chain activity recorded between June 2024 and June 2025. This represents a 69% year-over-year growth rate, making APAC the fastest-growing stablecoin market worldwide.

Key Takeaways:

• Explosive Growth: APAC stablecoin transaction volumes have surged, driven by institutional adoption and increasing cross-border payments.
• Hubs Emerge: Singapore and Hong Kong are establishing themselves as major global stablecoin hubs, second and third only to the United States.
• Regulatory Push: Hong Kong and Japan are actively developing regulatory frameworks to support and control stablecoin issuance.
• Payment Giants Embrace Stablecoins: Visa and Ant Group are integrating stablecoins into their cross-border payment infrastructure.

Institutional Adoption Soars

According to Circle, 56% of institutions in Asia are already actively using stablecoins for payments, settlements, and treasury management. This high adoption rate is fueling the growth of the stablecoin market in the region. Monthly transaction volumes have skyrocketed from under $100 million in early 2023 to over $3 billion by early 2025, driven by cross-border payments, the travel industry, the luxury retail sector, and other high-value goods sectors. The overall stablecoin market cap surpassed $300 billion, with USDT and USDC leading the way.

Regulatory Landscape Evolves

Hong Kong's new Stablecoin Bill, effective August 1st, has sparked significant interest, with over 40 companies inquiring about licensing. Bank of China Hong Kong is reportedly preparing to apply for a stablecoin issuer license, potentially becoming a competitor to the digital yuan. Animoca Brands has also expressed interest in obtaining a license through its collaboration with Standard Chartered Bank Hong Kong and HKT.

Japan is also making strides, with its Financial Services Agency expected to approve the first yen-denominated stablecoin. JPYC plans to issue a substantial amount of JPYC over the next three years. SBI Holdings and SBI Shinsei Bank invested $50 million into Circle after its June NYSE debut.

Payment Infrastructure Expansion

Visa is piloting a system that allows businesses to use stablecoins for cross-border payments, eliminating the need for pre-deposited funds in local accounts. Ant Group is also seeking stablecoin licenses in Hong Kong, Singapore, and Luxembourg, leveraging its existing blockchain network to facilitate transactions. Singapore has emerged as a critical enabler of this expansion, with Circle establishing its Asia-Pacific office there and various businesses adopting stablecoins as payment options.

Future Outlook

Analysts predict that stablecoins could handle a significant portion of global cross-border transactions by 2030. Traditional B2B players are also exploring the use of stablecoins for faster global trade settlements, indicating a continued expansion of stablecoin adoption in the years to come.