Circle Reports $2.4 Trillion Stablecoin Boom in Asia-Pacific: Singapore and Hong Kong Take the Lead

Core Insights - The Asia-Pacific region is experiencing rapid growth in the stablecoin market, with $2.4 trillion in on-chain stablecoin activity reported from June 2024 to June 2025, reflecting a 69% year-over-year growth rate [1] - Institutions in Asia have the highest global adoption rate of stablecoins, with 56% actively using them for various financial transactions [1] - Singapore and Hong Kong are now the second and third-largest stablecoin hubs globally, with monthly transaction volumes increasing from under $100 million in early 2023 to over $3 billion by early 2025 [2] Market Dynamics - The global stablecoin market capitalization has surpassed $300 billion for the first time, with Tether's USDT holding a 58% market share at $176.3 billion, followed by Circle's USDC at $74 billion [3] - The sector experienced a 20% quarterly growth in Q3 2025, driven by institutional interest and regulatory clarity from the US GENIUS Act [3] Regulatory Developments - Hong Kong has implemented a comprehensive licensing regime for stablecoins, with its Stablecoin Bill taking effect on August 1, leading to over 40 inquiries from companies interested in applying for licenses [4] - Bank of China Hong Kong's shares rose by 6.7% following reports of its plans to apply for a stablecoin issuer license, indicating competitive positioning against the digital yuan [5] - Animoca Brands, in collaboration with Standard Chartered Bank Hong Kong and HKT, has also expressed interest in stablecoin issuance, contributing to a surge in public company funding for stablecoin ventures [6] Upcoming Initiatives - Japan's Financial Services Agency is expected to approve the first yen-denominated stablecoin this month, with JPYC leading the initiative [7]