Regulatory clarity and infrastructure buildout drive adoption; Asia-Pacific accounts for 60% of global stablecoin payment flows.

The 2024 Milestone: SGD 1.4 Billion in Stablecoin Cross-Border Flows

Stablecoin-based cross-border payment platforms processed an estimated SGD 1.4 billion in Singapore-originated flows in 2024, representing approximately 1.4% of total non-bank cross-border payment volume. This milestone positions the city-state as a regulated hub for blockchain-based payments in Asia, even as the share remains nascent relative to traditional channels.

The figure sits within a rapidly scaling global market. Visa data indicates that total payment-specific stablecoin transaction volume globally reached an estimated $5.7 trillion in 2024, against total on-chain stablecoin transaction volume exceeding $32 trillion. Singapore's SGD 1.4 billion—roughly $1.05 billion at prevailing exchange rates—represents a small but structurally significant slice of the non-bank cross-border market, a segment that includes remittance operators, fintech platforms, and payments-focused digital asset service providers.

Growth trajectories suggest this share will expand. BVNK projects that stablecoins could capture up to 20% of global cross-border payments by 2030, implying that Singapore's current 1.4% may represent the base of a steep adoption curve.

%Source: Orionmano Industries

Asia-Pacific Dominance and Global Context

Singapore's volume is best understood within Asia-Pacific's outsized role in stablecoin payments. According to McKinsey and Artemis Analytics, the region accounted for $245 billion—or 60% of all global stablecoin payment volume in 2025—concentrated in Singapore, Hong Kong, and Japan. Global genuine stablecoin payment activity (excluding trading and automated transfers) doubled year-over-year to $390 billion in 2025, with B2B transactions surging 733% year-over-year to represent roughly 60% of all stablecoin payment volume.

Adoption metrics from Southeast Asia underscore the region's momentum. In Southeast Asia, 43% of all B2B cross-border payments now utilise stablecoins, driven by cost-efficiency, near-instant settlement, and programmability. Smart contracts enable automated payment triggers based on delivery milestones or compliance checks, reducing fraud and improving transparency. For context, as of early 2025, stablecoin market capitalisation had reached $166 billion, with monthly on-chain trading volumes averaging $1.48 trillion—up 27% year-on-year.

Singapore's position as a regional payments hub is anchored by its regulatory framework and financial infrastructure, which are attracting both institutional participants and payment corridor expansion.

Regulatory Foundations and Institutional Adoption

The Monetary Authority of Singapore (MAS) accelerated its licensing activity in 2024, issuing a record 13 Digital Payment Token (DPT) licences. This brought the cumulative total to 29 licensees by end-November, up from 16 at end-2023. The licensing push reflects MAS's strategic objective of becoming a regional payments hub while maintaining regulatory rigour.

Institutionally, Singapore's tokenised real-world asset market grew 85% year-on-year to reach US$15.2 billion, with traditional asset classes such as private credit, commodities, real estate, and treasuries increasingly tokenised. Merchant services in Singapore received nearly US$1 billion in crypto payments in Q2 2024 alone, demonstrating growing consumer and business adoption.

From an infrastructure perspective, the Bank for International Settlements and its central bank partners successfully completed Project Mandala in October 2024, reaching proof-of-concept stage. The project aims to improve the speed and efficiency of cross-border transactions by automating compliance procedures—a critical requirement for scaling stablecoin-based payments across jurisdictions.

MAS has not been complacent about risk. In its updated Money Laundering National Risk Assessment published June 2024, the authority designated DPT service providers as a higher-risk sector within the financial industry, noting an increase in reported cases involving DPTs and multiple vectors for exploitation. While DPT activities in Singapore form a small portion of global activities, authorities are closely monitoring the sector alongside other higher-risk categories such as payment institutions providing cross-border money transfer services and external asset managers.

Licences (count)Source: Orionmano Industries

Real-World Use Cases and Infrastructure Integration

Concrete applications demonstrate how Singapore's stablecoin infrastructure is being deployed at scale. StraitsX's XSGD, a Singapore-dollar-pegged stablecoin, became one of the five most widely used non-USD stablecoins globally by early 2024, reflecting Singapore's leadership in regulated digital asset payment systems. In 2024, StraitsX expanded payment corridors to Thailand, Japan, and Taiwan, enabling stablecoin-based cross-border settlements across Asia.

Integration with consumer-facing platforms has accelerated adoption. Grab, Southeast Asia's leading super-app, integrated StraitsX's infrastructure to enable instant SGD settlement for merchants receiving stablecoin payments. Users pay in their home currency; merchants receive Singapore dollars instantly—creating a seamless, real-time experience with full transparency.

Crypto-to-fiat on-ramps have also expanded. In September 2024, crypto payment firm Triple-A partnered with DCS Card Centre to enable DCS cardmembers to top up their virtual accounts with five digital assets, including Bitcoin, Ether, and USDC. Such partnerships bridge the gap between digital asset holdings and everyday spending, lowering barriers to entry for consumers and businesses alike.

These use cases align with broader infrastructure trends. Blockchain settlement finality—typically 15 seconds on Ethereum, 400 milliseconds on Solana, and under 2 seconds on TRON—eliminates multi-day correspondent banking delays. Visa's stablecoin settlement program had reached a $4.5 billion annualised run rate by January 2026, demonstrating institutional-scale viability.

Outlook

As regulatory frameworks mature and payment corridors multiply, Singapore's stablecoin cross-border flows are expected to scale significantly. The current 1.4% share of non-bank cross-border volume may capture a double-digit share within the next five years, supported by a growing base of MAS-licensed providers, expanding corridor networks, and institutional adoption of tokenised real-world assets. The foundational infrastructure—regulatory clarity, licensing momentum, and real-world integrations—is already in place.