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 activity across Asia-Pacific between June 2024 and June 2025, marking the region as the fastest-growing stablecoin market globally with 69% year-over-year ￰1￱ at Circle Forum Singapore, Yam Ki Chan, Circle’s VP for APAC, stated that 56% of institutions across Asia are already live with stablecoins, the highest adoption rate worldwide, actively transacting for payments, settlements, and treasury ￰2￱ has the highest adoption rate of stablecoins ￰3￱ Circle Forum Singapore, we explored how APAC is embracing onchain finance, with $2.4 trillion of activity from June 2024 to June ￰4￱ Ki Chan, VP for APAC and Managing Director for Circle Singapore, expands on… ￰5￱ — Circle (@circle) October 2, 2025 Singapore and Hong Kong have emerged as the second and third-largest stablecoin hubs globally, after the United ￰6￱ transaction volumes grew from under $100 million in early 2023 to over $3 billion by early 2025, driven by cross-border corporate payments, travel, luxury retail, and high-value goods ￰7￱ regional surge coincides with the global stablecoin market capitalization surpassing $300 billion for the first time, with Tether’s USDT maintaining 58% market share at $176.3 billion, followed by Circle’s USDC at $74 billion.) August 8, 2025 Publicly listed companies raised over $1.5 billion in July to fund stablecoin ventures, with a dedicated stock index surging 65% this ￰8￱ Hong Kong races to build its stablecoin infrastructure, Japan is moving on a parallel ￰9￱ country’s Financial Services Agency is expected to approve the first yen-denominated stablecoin this month , with Tokyo-based JPYC spearheading the ￰10￱ firm plans to issue 1 trillion yen worth of JPYC over three years, approximately $6.8 billion, with interest from hedge funds and family offices for carry trade ￰11￱ on this momentum, SBI Holdings and SBI Shinsei Bank invested $50 million into Circle following its June NYSE debut, which saw shares surge from $31 IPO price to close at $83.

The companies established a joint venture, Circle SBI Japan KK, to accelerate USDC integration with Japan’s financial ￰12￱ and Ant Group Scale Cross-Border Payment Infrastructure Beyond regulatory frameworks, major payment providers are racing to capture stablecoin transaction ￰13￱ announced on September 30 that it had begun testing a system enabling businesses to fund cross-border payments using stablecoins, rather than pre-depositing cash into local ￰14￱ card giant @Visa has begun testing stablecoin-powered cross-border payments, marking a major step in digital tokens gaining acceptance among global finance players. #Visa #Stablecoins ￰0￱ — ￰15￱ (@cryptonews) September 30, 2025 The pilot, through Visa Direct, targets banks and remittance firms that hold funds in multiple ￰16￱ payments giant has already processed over $200 million in cumulative stablecoin settlement volume and plans to expand the program in 2026.

Similarly, Ant Group plans to apply for stablecoin licenses in Hong Kong , Singapore, and ￰17￱ Jack Ma-backed fintech’s international unit processed over $1 trillion in transactions last year, with one-third of these routed through its proprietary blockchain network, ￰18￱ company’s overseas arm reported nearly $3 billion in revenue for ￰19￱ has also positioned itself as a key enabler of this ￰20￱ Monetary Authority hosted the inauguration of Circle’s Asia-Pacific office in May 2025, while Singapore-based businesses, including Wetrip travel agency, Capella Hotels, and luxury reseller Ginza Xiaoma, adopted stablecoins as payment ￰21￱ city-state serves as a pivotal gateway for cross-border transactions between China and the rest of the APAC ￰22￱ ahead, analysts project that stablecoins could handle 5-10% of cross-border transactions globally by 2030, translating to trillions of dollars in transaction volume.