The global crypto wave is catching on in Asia as businesses start embracing stablecoins for cross-border transactions. Unlike conventional bank transfers, which can take days and incur steep processing fees, stablecoin transactions are nearly instantaneous and cheaper. The Singapore-China route emerged as the busiest for stablecoin flows, with major payment processors like Visa, Mastercard, and Stripe integrating stablecoin support into their platforms.
Singapore and Hong Kong were among the top three markets for stablecoin flows, just following the U.S. Businesses across Asia are increasingly warming up to stablecoins, citing speed and cost-efficiency compared to traditional financial systems. Luxury goods resellers, online travel agencies, and high-end hotels are among those embracing stablecoin payments.
Stablecoins are cryptocurrencies pegged to sovereign currencies or gold, making them more stable than other crypto assets. The new legislation in Hong Kong will formalize the framework for financial firms to issue and manage these virtual assets, similar to the U.S.’s GENIUS Act. Cryptocurrency wallet platforms allow customers to pay via digital currencies, which are then converted into stablecoins or local fiat currencies while minimizing price volatility and settlement risk.
Monthly stablecoin transaction volumes between businesses had surged to over $3 billion by early 2025, from under $100 million at the start of 2023. Stablecoin payments have attracted major payment processors like Visa, Mastercard, and Stripe, which are integrating stablecoin support into their platforms. The momentum has been fueled by regulatory developments in the U.S.
Industry experts believe that stablecoins will emerge as a supplementary currency to conventional fiat currencies. Shanghai’s testbed for stablecoin has shown interest in using blockchain technology in cross-border trades, while Beijing’s conservative stance on crypto activity is starting to shift. Hong Kong’s regulatory sandbox is emerging as a key player in the development of stablecoin usage.
As more regulatory clarity comes out around stablecoins, industry experts predict that stable coin payment networks will replace SWIFT-based payment networks. With Asia warming up to stablecoins, businesses are embracing fast and cost-effective payments that can minimize price volatility and settlement risk.
Source: https://www.cnbc.com/2025/08/01/crypto-wave-asia-stablecoins.html