Circle Reports $2.4 Trillion Stablecoin Activity in Asia-Pacific
Circle has highlighted Asia-Pacific because the fastest-growing stablecoin market, reporting $2.4 trillion in on-chain exercise between June 2024 and June 2025.
Singapore and Hong Kong now rank because the second and third-largest stablecoin hubs after the US.
Asia-Pacific Emerges as a Global Stablecoin Powerhouse
At the Circle Forum in Singapore, Yam Ki Chan, Circle’s Asia-Pacific Vice President, revealed that on-chain stablecoin exercise reached $2.4 trillion in the yr ending June 2025. The determine underscores the dimensions of adoption and positions Asia-Pacific on the forefront of digital finance.
Singapore and Hong Kong have grown into the second and third-largest markets for stablecoin buying and selling globally, behind solely the US. The Singapore-China hall is now probably the most energetic route for cross-border transactions. This underscores Singapore’s strategic function in regional digital asset flows.
Circle opened its Singapore workplace in May 2025, increasing into the Asian market. Sopnendu Mohanty, MAS Chief FinTech Officer, attended the launch and highlighted the rising want for brand spanking new types of cash, together with privately issued stablecoins.
The speedy progress can be seen in month-to-month stablecoin transaction volumes. Corporate transactions surged from lower than $100 million in early 2023 to greater than $3 billion by early 2025.
Increasingly, companies in sectors starting from journey to luxurious retail are adopting stablecoin funds, together with Singapore’s Wetrip journey company, Capella Hotels, and high-end reseller Ginza Xiaoma, identified for Birkin baggage.
Growing Use Cases and Regulatory Momentum
Stablecoins monitor the value of fiat currencies or belongings like gold, lowering volatility in comparison with different digital belongings. They can settle transactions virtually immediately and at decrease prices, boosting demand in cross-border commerce.
Singapore’s retail adoption demonstrates this shift, as stablecoins are used not solely in monetary markets but in addition in consumer-facing industries. At the identical time, policymakers throughout main markets are introducing regulatory frameworks. Hong Kong implemented a dedicated stablecoin regulation in August 2025, whereas the US handed the GENIUS Act in June, establishing a authorized basis for stablecoin issuance and oversight.
Meanwhile, indicators of coverage adjustment are rising in China. Although the mainland maintains a restrictive stance towards cryptocurrencies, Shanghai’s government shaped a activity power in July 2025 to discover blockchain’s function in worldwide commerce, signaling a possible softening of its place.
Industry information helps the pattern. By May 2025, world circulating stablecoin provide averaged $225 billion, representing a 63% year-on-year increase. Monthly transaction volumes reached $625 billion, exhibiting a steep upward trajectory that displays rising mainstream integration.
Circle’s Strategy and Asia’s Role in Digital Finance
For Circle, Asia-Pacific represents not solely a fast-growing market but in addition a testing floor for the broader digital monetary transition. With regulatory readability increasing, the area has turn into central to the corporate’s long-term progress technique.
“Asia-Pacific’s curiosity in on-chain finance is unmatched globally and is unlikely to sluggish,” mentioned Yam Ki Chan. “Our growth in Singapore highlights the nation’s function as a key regulatory and business hub for digital belongings.”
The broader context factors to the Asia-Pacific’s role in shaping the trajectory of stablecoin adoption. With rising transaction volumes, deepening institutional engagement, and a shifting regulatory surroundings, the area is more and more seen as a bellwether for the way forward for digital cash.
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