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Circle Expands in Asia as Stablecoin Use Grows Across Travel, Retail, and Finance
Circle – The Asia-Pacific region has rapidly emerged as a global force in the digital finance revolution, with stablecoin activity hitting a staggering $2.4 trillion in on-chain volume between June 2024 and June 2025, according to data unveiled at the Circle Forum in Singapore.
This meteoric rise positions Asia-Pacific as the fastest-growing stablecoin market, now trailing only the United States. Singapore and Hong Kong have risen to become the second and third-largest stablecoin hubs globally, with Singapore playing a pivotal role in facilitating cross-border flows—particularly along the increasingly active Singapore-China corridor.
Corporate Adoption Surges Amid Regulatory Progress
Businesses across Asia are embracing stablecoins at an accelerating pace. Monthly corporate transaction volumes skyrocketed from under $100 million in early 2023 to over $3 billion by early 2025, reflecting growing trust in blockchain-based payments. Industries from travel to luxury retail are leading the charge, with companies like Wetrip, Capella Hotels, and Ginza Xiaoma adopting stablecoin payments.
Backed by fiat or assets like gold, stablecoins offer near-instant, low-cost settlements, fueling demand in cross-border commerce and daily transactions. This utility has helped them gain traction beyond financial markets and into consumer-facing industries.
Regulatory Momentum Builds Across Asia
Policymakers are increasingly aligning with this digital shift. Hong Kong introduced a dedicated stablecoin framework in August 2025, while the U.S. passed the GENIUS Act in June, laying the groundwork for structured oversight. Even China is showing early signs of policy evolution, as Shanghai’s government formed a blockchain task force to explore international trade applications.
Circle’s Expansion Reinforces Regional Importance
Circle, which opened its Singapore office in May 2025, views the region as a cornerstone of its global strategy. “Asia-Pacific’s interest in on-chain finance is unmatched globally and is unlikely to slow,” said Yam Ki Chan, Circle’s VP for Asia-Pacific.
With stablecoin supply averaging $225 billion and monthly volumes hitting $625 billion by May 2025, Asia-Pacific stands at the forefront of the stablecoin era—shaping the next chapter in global digital finance.
