Asia-Pacific Excels with Almost 1B Regular Digital Wallet Users

Circle’s latest report on the State of the USDC Economy identifies Asia-Pacific as a leader in digital assets adoption.

Map of Asia being in a glowing triangle of blockchain.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

“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.

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

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.