COTD: Singapore amongst the top stablecoin sending countries

Business-to-business payments represented the majority of the flows.

The global run rate of stablecoin settlements for various payment types totalled $92.4b (US$72.3b) in February 2025, with Singapore emerging as one of the most active in Asia.

Singapore joins the US, Hong Kong, Japan, and the UK amongst the top stablecoin sending countries, according to the Stablecoin Payments from the Ground Up report.

The Singapore-China corridor also emerged as the most active for stablecoin flows, the report noted.

"Singapore and Hong Kong also appear frequently, reflecting their importance as regional financial hubs with deep
integration into crossborder stablecoin activity."

Business-to-business payments represented the majority of the flows, followed by peer-to-peer transfers, card payments, and business-to-customer payments.

Regionally, Asia exhibited the most diverse network distribution amongst all regions. Whilst Tron led in a majority of markets, Ethereum and Binance Smart Chain (BSC) also saw substantial adoption.

The most popular blockchains were Tron, followed by Ethereum, Polygon, and Binance Smart Chain.

Across the Asian markets, USDT is the dominant stablecoin by a wide margin.

($1=US$0.78)

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