Stablecoin Adoption Surges in Asia Pacific and Latin America
The adoption of stablecoins in Asia Pacific (APAC) and Latin America (LATAM) is growing rapidly, but for different reasons. In LATAM, households have been seeking access to US dollars to preserve their funds against inflation and currency depreciation. Stablecoins have digitized this behavior, making dollar-denominated savings accessible to anyone with a smartphone and an internet connection.
Ryan Kirkley, Co-Founder and CEO of Global Settlement Network, believes that framing stablecoin adoption as crypto speculation fundamentally misunderstands what is happening across the region. 'In Latin America, stablecoin adoption still begins with access to dollars,' he says. 'Inflation, currency depreciation, and restrictions on accessing foreign currency have made dollar-backed stablecoins useful for preserving purchasing power.'
According to Bitso's regional market report, dollar-backed stablecoins accounted for 40% of all crypto purchases across LATAM in 2025, overtaking Bitcoin for the first time. In Argentina, USDC and USDT are used for more than 70% of all crypto purchases, showing how deeply digital dollars have become embedded in everyday financial behavior.
On the other hand, APAC is demonstrating what stablecoin adoption looks like when financial infrastructure is already mature. Rather than replacing weak currencies or filling gaps in banking access, stablecoins across much of Asia are being deployed to make existing payment systems faster, more efficient, and more interoperable.
The data reflects that shift. McKinsey and Artemis Analytics reported that Asia originated approximately $245 billion in identifiable stablecoin payments in 2025, making up about 60% of global payment volume. The vast majority originated from Singapore, Hong Kong, and Japan, markets where regulatory clarity and sophisticated financial infrastructure have allowed institutions to move from pilot projects into commercial deployments.
Japan perhaps offers the clearest illustration of that shift. The country's three largest banks, MUFG, SMBC, and Mizuho, plan to develop a stablecoin settlement network targeting ¥1 trillion (approximately $6.5 billion) in B2B stablecoin volume by 2028.
The growth story for stablecoins is likely to be defined by their evolution from investment assets to payment infrastructure, which will have a significant impact on the financial sector in both APAC and LATAM.