Circle’s Report Shows $2.4 Trillion in Asia-Pacific Stablecoin Trade

TLDR

• Circle reports $2.4 trillion in stablecoin activity in Asia-Pacific between June 2024 and June 2025.
• Singapore and Hong Kong are now the second and third-largest stablecoin hubs globally after the United States.
• The Singapore-China corridor has become the most active route for cross-border stablecoin transactions.
• Corporate stablecoin transactions surged from under $100 million in 2023 to over $3 billion by early 2025.
• Hong Kong implemented dedicated stablecoin regulations in August 2025, while the US passed the GENIUS Act.

Circle has announced that Asia-Pacific has emerged as the fastest-growing market for stablecoins. The region saw $2.4 trillion in on-chain stablecoin activity between June 2024 and June 2025. This growth highlights the region’s growing dominance in the digital finance sector. Singapore and Hong Kong now rank as the second and third-largest stablecoin hubs globally, behind only the United States.

Singapore and Hong Kong Become Key Stablecoin Hubs

Circle has highlighted that Singapore and Hong Kong have become major players in the global stablecoin market. These two regions now rank behind the US, with significant on-chain activity related to stablecoins. According to Circle’s Asia-Pacific Vice President, Yam Ki Chan, stablecoin adoption is accelerating across the Asia-Pacific region. He emphasized that the Singapore-China corridor has become the most active route for cross-border transactions.

https://x.com/circle/status/1973824846925869109

Circle’s decision to open a new office in Singapore in May 2025 reflects its commitment to the region. The launch event was attended by Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore (MAS). He stressed the growing need for new forms of money, such as privately issued stablecoins.

Rising Stablecoin Adoption Among Businesses in Asia-Pacific

The surge in stablecoin adoption is reflected in the growing volume of monthly transactions. Corporate transactions involving stablecoins have jumped from under $100 million in early 2023 to over $3 billion by early 2025. Sectors like travel and luxury retail are leading the way, with companies such as Wetrip, Capella Hotels, and Ginza Xiaoma adopting stablecoin payments.

The increased adoption is due to stablecoins’ ability to track fiat currencies or other assets, such as gold. These digital currencies offer low volatility and almost instant settlement, making them ideal for cross-border commerce. Circle’s role in this growth is pivotal as businesses increasingly turn to stablecoins for efficient transactions.

Circle Sees Asia-Pacific as Strategic Growth Hub

Regulatory frameworks around stablecoins are evolving across major markets. In August 2025, Hong Kong implemented a dedicated regulation for stablecoins. Meanwhile, the US passed the GENIUS Act in June 2025, establishing a legal framework for the issuance and oversight of stablecoins.

China is also signaling potential shifts in policy. While the country has maintained a restrictive stance toward cryptocurrencies, Shanghai’s government formed a task force in July 2025 to explore blockchain’s role in international trade. This development suggests that China may soften its position on blockchain-based financial technologies.

Circle views the Asia-Pacific region as not only a fast-growing market but also a key area for the company’s long-term strategy. The company has reported that global stablecoin supply reached $225 billion by May 2025. This figure represents a 63% year-over-year increase, highlighting the region’s growing significance in the digital finance ecosystem.

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