- Asia-Pacific is leading in the adoption of digital assets worldwide.
- About 46% of the region’s population uses digital wallets regularly.
- Circle believes the region “is primed to adopt stablecoins more widely” soon.
The Asia-Pacific (APAC) region is driving digital assets adoption at an unprecedented scale, with USDC stablecoin issuer Circle heralding the region for taking “a leading role on the world’s technology stage.”
In a report issued online on January 15, Circle described APAC as a “young, mobile-first, and wallet-ready” region, where the digital wallet penetration rate could reach 58% by 2025.
46% of 1.8 Billion Users of Digital Wallets
Per the report, presently, 46% of APAC’s population regularly use a digital wallet.
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“The region is also ahead of the curve when it comes to digital asset adoption. Today, Asia Pacific accounts for 29% of digital currency value received, compared to 19% in North America and 22% in Western Europe,” the report read.
According to Circle, the rapid adoption of digital assets “has occurred in lockstep with key Asia Pacific policymakers and regulators,” notably Singapore, India, Hong Kong, Thailand, and Malaysia, which have all established around-the-clock real-time payment systems.
“Buoyed by the success of these real-time payment systems, regulators in the Asia Pacific region are looking at the next financial evolution and moving rapidly to establish regulatory frameworks for payment stablecoins,” Circle wrote.
Looking ahead, Circle believes that APAC “is primed to adopt stablecoins more widely,” particularly for cross-border use cases, as billions of unbanked people in the region turn to digital apps for transactions.
The company noted that increased stablecoin adoption would expand economic opportunities in cross-border payments, trade finance, and remittances.
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Read about APAC’s upcoming regulatory shift according to Ripple’s Policy Director:
Ripple’s Policy Director Predicts Regulatory Shift in APAC
Stay updated on Circle’s expansion in Asia and Latin America:
Circle Continues Expansion with USDC in Asia and Latin America
