Singapore, Hong Kong Drive $2.4T Stablecoin Boom, Says Circle

• Circle reports $2.4 trillion in stablecoin activity, Asia-Pacific adoption surged 69%.
• Singapore and Hong Kong rank globally behind the U.S. as leading stablecoin hubs.
• Institutional adoption reaches 56% in Asia, boosting payments, settlements, and treasury transactions.

Circle has stated that it has seen unprecedented adoption of stablecoins in Asia-Pacific, making the region the fastest-growing center in the world. The company has disclosed on-chain stablecoin operations of a combined 2.4 trillion from June 2024 to June 2025. Singapore and Hong Kong are currently the second and third-largest stablecoin hubs in the world, only after the United States. According to industry experts, the cause of this spurt is due to cross-border payment, institutional adoption, and high-value transactions across several industries.

Asia-Pacific Becomes the Fastest-Growing Stablecoin Market

At Circle Forum Singapore, Yam Ki Chan, the Vice President of APAC at Circle, underscored that 56% of institutions in Asia have already embraced the use of stablecoins. This is the largest institutional adoption rate globally, as businesses use stablecoins to make payments, settle bills, and do treasury activities. The volume of transactions increased rapidly, reaching levels of less than $100 million at the beginning of 2023 to over $3 billion at the beginning of 2025.

Chan noted that corporate payments, travel, luxury retail, and high-value goods trade have become major sources of this growth. The trend has strengthened the role of Asia-Pacific in influencing the worldwide use of stablecoins, and Singapore and Hong Kong have been at the forefront of the growth. The two cities have become essential financial centers that drive the adoption of digital assets and the implementation of stablecoins in the financial system.

Global Stablecoin Market Tops $300 Billion

The regional boom is associated with the overall global capitalization of the stablecoin market being over $300 billion for the first time ever. USDT Tether still controls the market, with a market value of 58% and with $176.3 billion. The USDC of Circle comes in second with a market share of $74 billion.

Circle also launched a new blockchain, Arc, which is to be used as a payment, foreign exchange, and capital markets foundation, enterprise-grade. Moreover, Stripe has also stated that it will take on the USDC with business clients in the United States and the United Kingdom, which will continue to increase the global applications of the stablecoins.

The fast rate of adoption in Asia-Pacific highlights that the region will be central to the future of digital finance. Asia now is competing directly with the United States in the formulation of stablecoin-based financial innovation, with Singapore and Hong Kong leading the pack.