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 growth.
Speaking 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 purposes.
Singapore and Hong Kong have emerged as the second and third-largest stablecoin hubs globally, after the United States.
Monthly 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 sectors.
This 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.
Source: DefiLlama
The sector’s 20% quarterly growth in Q3 2025 outpaced traditional asset classes, driven by institutional interest and the US GENIUS Act, which provided regulatory clarity.
Hong Kong and Japan Race to Issue Regulated Local Currency Stablecoins
The momentum has accelerated regulatory action across major Asian financial centers.
Hong Kong’s Stablecoin Bill took effect on August 1, establishing one of the world’s first comprehensive licensing regimes.
Immediately, the Hong Kong Monetary Authority received inquiries from more than 40 companies, with application deadlines set for September 30.
Among the most significant applicants, Bank of China Hong Kong’s shares jumped 6.7% on September 1 after reports revealed the state-owned lender is preparing to apply for a stablecoin issuer license.
The bank formed a task force to study stablecoin issuance, potentially positioning itself as a rival to the digital yuan.
The competition also intensified as Animoca Brands established Anchorpoint Financial Limited in collaboration with Standard Chartered Bank Hong Kong and HKT, submitting a formal interest to the HKMA on August 1.
Publicly listed companies raised over $1.5 billion in July to fund stablecoin ventures, with a dedicated stock index surging 65% this year.
While Hong Kong races to build its stablecoin infrastructure, Japan is moving on a parallel track.
The country’s Financial Services Agency is expected to approve the first yen-denominated stablecoin this month, with Tokyo-based JPYC spearheading the launch.
[SRC] https://finance.yahoo.com/news/circle-reports-2-4-trillion-100537669.html
