Circle has revealed that Asia-Pacific saw an astonishing $2.4 trillion in stablecoin activity between June 2024 and June 2025, cementing the region as the world’s fastest-growing hub for digital assets.
Key Takeaways
- Asia-Pacific recorded $2.4 trillion in on-chain stablecoin activity, with 69% year-over-year growth.
- Singapore and Hong Kong are now the second and third-largest stablecoin markets globally, behind only the United States.
- Monthly corporate stablecoin transactions grew from under $100 million in 2023 to over $3 billion in 2025.
- Regulatory frameworks, including Hong Kong’s Stablecoin Bill and the US GENIUS Act, are fueling institutional interest.
What Happened?
Circle presented these findings at its Forum event in Singapore, where the company’s Vice President for Asia-Pacific, Yam Ki Chan, highlighted how over half of institutions in Asia are already using stablecoins. The region’s rapid adoption, coupled with proactive regulatory developments, is transforming Asia into a global center for stablecoin innovation.
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
Singapore and Hong Kong Take the Lead
According to Circle’s latest data, Singapore and Hong Kong have surpassed other global markets, becoming the second and third most active stablecoin hubs after the United States. The Singapore-China corridor has emerged as the most active route for cross-border stablecoin transactions.
Circle’s expansion into Asia reflects this shift. The company opened a new office in Singapore in May 2025, a move underscored by the presence of Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS), at the launch event. Mohanty stressed the importance of embracing new forms of money like stablecoins, signaling the government’s support.
Business Adoption and Market Growth
Stablecoins are increasingly popular among corporations across Asia-Pacific, especially in sectors such as travel, luxury retail, and high-value goods. Businesses like Wetrip, Capella Hotels, and Ginza Xiaoma have begun accepting stablecoin payments. This surge reflects the asset’s utility in fast, low-cost cross-border payments.
The figures show a clear trajectory: monthly transaction volumes rose from under $100 million in 2023 to more than $3 billion by 2025. This leap is tied to stablecoins’ ability to maintain the value of fiat currencies or gold, offering low volatility and instant settlement.
Regulatory Momentum Builds
Regulators are now racing to build frameworks around this exploding market. Hong Kong’s Stablecoin Bill took effect in August 2025, introducing one of the world’s first full-scale licensing regimes. Within weeks, over 40 companies expressed interest, including Bank of China Hong Kong, whose stock jumped 6.7% after it revealed plans to apply for a license.
Meanwhile, in the United States, the GENIUS Act passed in June 2025, providing regulatory clarity and boosting confidence among institutional players. Even China is starting to explore the space, with Shanghai’s government launching a task force in July 2025 to study blockchain’s role in international trade.
CoinLaw’s Takeaway
I found this surge in Asia’s stablecoin market both exciting and inevitable. With real use cases in corporate payments and retail, and growing regulatory clarity, stablecoins are finally shedding their experimental label. In my experience, markets like Singapore and Hong Kong don’t wait around. They seize innovation fast, and what we’re seeing here is the blueprint for global digital finance. This isn’t just growth. It’s a foundational shift in how money moves across borders.
