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Circle has reported $2.4 trillion in on-chain stablecoin activity across Asia-Pacific between June 2024 and June 2025, making the region the world’s fastest-growing hub for digital currency settlements. The growth represents a 69% year-over-year increase, with Asia stablecoin adoption outpacing every other region.
Speaking at Circle Forum Singapore, Yam Ki Chan, Vice President for APAC at Circle, emphasized that institutional usage is driving this rapid rise.
“Fifty-six percent of institutions across Asia are already live with stablecoins, the highest adoption rate worldwide. They are actively using them for payments, settlements, and treasury operations,” — Yam Ki Chan, VP for APAC, Circle.
The report highlights how Asia stablecoin adoption has moved beyond speculative trading into mainstream finance. Monthly transaction volumes in the region grew from under $100 million in early 2023 to more than $3 billion by early 2025, fueled by cross-border corporate payments, luxury retail, and high-value goods.
This surge coincides with the global stablecoin market capitalization surpassing $300 billion for the first time, led by Tether (USDT) with a 58% market share at $176.3 billion, followed by Circle’s USDC at $74 billion.
The sharp rise in Asia stablecoin adoption has prompted regulators in key markets to fast-track policy frameworks.
In Hong Kong, the Stablecoin Bill took effect on August 1, creating one of the world’s first comprehensive licensing regimes. The Hong Kong Monetary Authority (HKMA) reported that over 40 companies expressed interest in licenses, with application deadlines set for September 30.
Among them, Bank of China Hong Kong confirmed it had formed a task force to explore issuing stablecoins. Its shares jumped 6.7% after news broke that the bank was preparing an application, potentially positioning itself as a competitor to China’s digital yuan.
Animoca Brands, in collaboration with Standard Chartered Bank Hong Kong and telecom giant HKT, also announced its stablecoin venture, Anchorpoint Financial, submitting its application on August 1. Publicly listed companies raised $1.5 billion in July alone to fund stablecoin initiatives, with a dedicated Hong Kong stablecoin index surging 65% this year.
Meanwhile in Japan, the Financial Services Agency (FSA) is expected to approve the first yen-denominated stablecoin this month. JPYC is leading the effort, with plans to issue 1 trillion yen ($6.8 billion) worth of stablecoins over three years. Hedge funds and family offices are showing strong interest, particularly for carry trade strategies that leverage yield differentials.
Japan’s entry into stablecoin issuance is strategically significant. It signals that stablecoins are no longer fringe products but central to financial infrastructure, — Yuko Sato, Professor of Finance, Waseda University, in comments to Nikkei Asia.
Institutional support is another driver of Asia stablecoin adoption. In June 2025, SBI Holdings and SBI Shinsei Bank invested $50 million into Circle following its debut on the New York Stock Exchange. Circle’s shares surged from a $31 IPO price to close at $83, reflecting strong investor confidence.
The investment also launched Circle SBI Japan KK, a joint venture aimed at integrating USDC into Japan’s financial system. Analysts say this partnership could accelerate stablecoin use in domestic settlements, e-commerce, and cross-border trade.
Singapore is also strengthening its role as a stablecoin hub. The Monetary Authority of Singapore (MAS) hosted the opening of Circle’s APAC headquarters in May 2025. Local businesses including travel agency Wetrip, Capella Hotels, and luxury reseller Ginza Xiaoma have already begun accepting stablecoin payments, showcasing consumer-side growth.
Alongside regulatory developments, major payment networks are racing to capture transaction flows linked to Asia stablecoin adoption.
On September 30, Visa announced pilots for a new system enabling cross-border payments funded directly with stablecoins instead of pre-deposited fiat reserves. The service, offered via Visa Direct, targets remittance providers and multinational banks. Visa has already processed over $200 million in stablecoin settlements, with plans for broader rollout in 2026.
Similarly, Ant Group revealed plans to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg. Its international unit processed more than $1 trillion in transactions last year, with a third routed through its proprietary blockchain network, Whale.
Stablecoins have the potential to reduce friction in global trade. We are committed to building compliant infrastructure that can scale internationally, — Ant Group spokesperson, in a statement to Reuters.
The momentum around Asia stablecoin adoption suggests the region will continue to lead innovation and regulatory design. Analysts project that stablecoins could account for 5–10% of global cross-border transactions by 2030, translating into trillions of dollars in annual settlement flows.
Circle data further indicates that an additional 40% of APAC institutions are either piloting or planning stablecoin deployments, including industries such as shipping, commodities, and heavy manufacturing. For these sectors, stablecoins offer faster and cheaper settlements, reducing reliance on intermediaries.
For crypto investors, this trend highlights a shift toward institutional-grade adoption, while for policymakers, it underscores the importance of balanced regulation that fosters innovation without compromising financial stability.
As Singapore, Hong Kong, and Japan refine their frameworks, Asia stablecoin adoption is increasingly shaping the global financial landscape signaling that stablecoins are no longer a niche experiment, but a central pillar of the future payments system.
