Key Takeaways
- Stablecoin payments are scaling rapidly. Payment volume across major stablecoin payment providers has nearly quadrupled from USD 29 billion in 2023 to an estimated USD 116 billion in 2025, with B2B payments now the largest category. Even so, payments still account for less than 10% of on-chain stablecoin volume and less than 0.2% of global cross-border payments, suggesting the market remains at an early stage of development.
- Institutions are moving from exploration to execution, with around 90% of those surveyed now acting on stablecoins and cross-border payments leading their priorities. The need is clearest where bank rails fall short. Between Asia and Latin America, for example, trade has multiplied while correspondent banking links have thinned and banking hours do not overlap. In such corridors, stablecoins can close gaps in dollar access, connectivity, liquidity, and transparency and compliance, but only with an orchestration layer that coordinates fiat access, compliance, liquidity, settlement, and local-currency payout behind every payment.
- The strategic value of this layer is now being recognised. Stripe’s acquisition of Bridge and Mastercard’s acquisition of BVNK signal that global payment companies regard stablecoin orchestration as core infrastructure worth owning, although both deals are anchored in North America and Europe. Momentum is now building in Asia Pacific, where on-chain stablecoin transactions have grown by around 150% a year since 2022, lifting the region’s share of global activity from 10% to 25%, and where stablecoin-linked cards issued from hubs such as Hong Kong and Singapore are extending the same infrastructure to the point of sale.
- Regulation is catching up with this growth, though unevenly. No market is yet mature end-to-end. This makes Asian licences increasingly valuable. Many notable non-Asian players still lack an Asian licence (and presence), while Asian players holding both regional and international licences remain scarce, making them strategically attractive partners, investment targets, or acquisition candidates for larger players seeking strategic market entry to Asia.
- Winning in Asia therefore requires a market-by-market strategy across 4 areas:
- Regulatory Readiness: Determine the licences, permissions, and partnership structures required in each priority market
- Corridor Prioritisation: Prioritise corridors based on transaction potential, customer demand, priority use cases, and competitive intensity
- Offering Localisation: Adapt products, currencies, payment rails, integrations, and commercial models to local customer needs
- Distribution Approach: Define the appropriate mix of direct presence, partnerships, and embedded distribution in each market
- The opportunity will be shaped by regulatory timing as much as by customer demand. Licences and banking partnerships take time to establish, meaning early movers will be better positioned to convert market access into scalable growth as regulatory regimes mature.
