Circle Reports $2.4 Trillion Stablecoin Boom in Asia-Pacific: Singapore and Hong Kong Take the Lead
Circle reported $2.4 trillion in on-chain stablecoin exercise throughout Asia-Pacific between June 2024 and June 2025, marking the area as the fastest-growing stablecoin market globally with 69% year-over-year progress.
Speaking at Circle Forum Singapore, Yam Ki Chan, Circle’s VP for APAC, acknowledged that 56% of establishments throughout Asia are already stay with stablecoins, the highest adoption price worldwide, actively transacting for funds, settlements, and treasury functions.
Singapore and Hong Kong have emerged as the second and third-largest stablecoin hubs globally, after the United States.
Monthly transaction volumes grew from beneath $100 million in early 2023 to over $3 billion by early 2025, pushed by cross-border company funds, journey, luxurious retail, and high-value items sectors.
This regional surge coincides with the world stablecoin market capitalization surpassing $300 billion for the first time, with Tether’s USDT sustaining 58% market share at $176.3 billion, adopted by Circle’s USDC at $74 billion.
The sector’s 20% quarterly progress in Q3 2025 outpaced conventional asset lessons, pushed by institutional curiosity and the US GENIUS Act, which offered regulatory readability.
Hong Kong and Japan Race to Issue Regulated Local Currency Stablecoins
The momentum has accelerated regulatory motion throughout main Asian monetary facilities.
Hong Kong’s Stablecoin Bill took effect on August 1, establishing considered one of the world’s first complete licensing regimes.
Immediately, the Hong Kong Monetary Authority received inquiries from more than 40 companies, with software deadlines set for September 30.
Among the most vital candidates, Bank of China Hong Kong’s shares jumped 6.7% on September 1 after stories revealed the state-owned lender is making ready to use for a stablecoin issuer license.
The financial institution fashioned a activity drive to check stablecoin issuance, probably positioning itself as a rival to the digital yuan.
The competitors additionally intensified as Animoca Brands established Anchorpoint Financial Limited in collaboration with Standard Chartered Bank Hong Kong and HKT, submitting a proper curiosity to the HKMA on August 1.
@animocabrands companions with Standard Chartered to launch Hong Kong stablecoin enterprise concentrating on first issuer license as $261B market reaches 22-month progress streak.#HongKong #Stablecoinhttps://t.co/kTHeEWsGR8
— Cryptonews.com (@cryptonews) August 8, 2025
Publicly listed companies raised over $1.5 billion in July to fund stablecoin ventures, with a devoted inventory index surging 65% this yr.
While Hong Kong races to construct its stablecoin infrastructure, Japan is shifting on a parallel observe.
The nation’s Financial Services Agency is predicted to approve the first yen-denominated stablecoin this month, with Tokyo-based JPYC spearheading the launch.
The agency plans to problem 1 trillion yen value of JPYC over three years, roughly $6.8 billion, with curiosity from hedge funds and household workplaces for carry commerce methods.
Building on this momentum, SBI Holdings and SBI Shinsei Bank invested $50 million into Circle following its June NYSE debut, which noticed shares surge from $31 IPO worth to shut at $83.
The corporations established a three way partnership, Circle SBI Japan KK, to speed up USDC integration with Japan’s monetary system.
Visa and Ant Group Scale Cross-Border Payment Infrastructure
Beyond regulatory frameworks, main fee suppliers are racing to seize stablecoin transaction flows.
Visa announced on September 30 that it had begun testing a system enabling companies to fund cross-border funds utilizing stablecoins, slightly than pre-depositing money into native accounts.
Credit card big @Visa has begun testing stablecoin-powered cross-border funds, marking a serious step in digital tokens gaining acceptance amongst world finance gamers.#Visa #Stablecoins https://t.co/bJwqFJe5tc
— Cryptonews.com (@cryptonews) September 30, 2025
The pilot, via Visa Direct, targets banks and remittance corporations that maintain funds in a number of currencies.
The funds big has already processed over $200 million in cumulative stablecoin settlement quantity and plans to broaden the program in 2026.
Similarly, Ant Group plans to apply for stablecoin licenses in Hong Kong, Singapore, and Luxembourg.
The Jack Ma-backed fintech’s worldwide unit processed over $1 trillion in transactions final yr, with one-third of those routed via its proprietary blockchain community, Whale.
The firm’s abroad arm reported almost $3 billion in income for 2024.
Singapore has additionally positioned itself as a key enabler of this growth.
The Monetary Authority hosted the inauguration of Circle’s Asia-Pacific workplace in May 2025, whereas Singapore-based companies, together with Wetrip journey company, Capella Hotels, and luxurious reseller Ginza Xiaoma, adopted stablecoins as fee choices.
The city-state serves as a pivotal gateway for cross-border transactions between China and the remainder of the APAC area.
Looking forward, analysts project that stablecoins might deal with 5-10% of cross-border transactions globally by 2030, translating to trillions of {dollars} in transaction quantity.
An further 40% of APAC establishments are piloting or planning stablecoin deployments, with conventional B2B gamers, akin to delivery brokers and metal exporters, leveraging stablecoins for sooner world commerce settlements.
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