Circle reported $2.4 trillion in on-chain stablecoin activity in Asia-Pacific from June 2024 to June 2025, with 69% year-over-year growth. Singapore and Hong Kong are now the second and third-largest stablecoin hubs globally. Transaction volumes surged from under $100 million to over $3 billion, driven by various sectors.

The stablecoin market cap globally exceeded $300 billion, with Tether’s USDT leading at $176.3 billion. The sector grew 20% quarterly in Q3 2025, surpassing traditional assets due to institutional interest. Hong Kong’s Stablecoin Bill took effect on August 1, with over 40 companies expressing interest.

Hong Kong received inquiries from major firms, including Bank of China Hong Kong, preparing to apply for a stablecoin license. Japan is set to approve its first yen-denominated stablecoin, JPYC, with plans to issue 1 trillion yen. SBI Holdings and SBI Shinsei Bank invested $50 million in Circle to accelerate USDC integration with Japan’s financial system.

Visa began testing a system for cross-border payments using stablecoins, processing over $200 million in settlements. Ant Group plans to apply for stablecoin licenses in multiple countries, with a significant revenue from its overseas arm. Singapore hosts Circle’s Asia-Pacific office, positioning itself as a crucial cross-border transactions hub.

Analysts predict stablecoins could handle 5-10% of global cross-border transactions by 2030, amounting to trillions in volume. 40% of APAC institutions are piloting or planning stablecoin deployments for faster trade settlements. The stablecoin market continues to grow rapidly, driven by increased adoption and regulatory clarity.

Read more at Yahoo Finance: Singapore and Hong Kong Take the Lead