Stablecoin transactions in Singapore reached a record high of nearly $1 billion in the second quarter of 2024, driven primarily by payments at merchant outlets, according to a new report by digital-asset consultancy Chainalysis.
The study highlighted the increasing adoption of stablecoins—cryptocurrencies designed to maintain a stable value, typically pegged to the U.S. dollar—by businesses for their efficiency and low transaction costs. Eric Jardine, Chainalysis’ Cybercrimes Research Lead, noted that stablecoin payments in Singapore grew significantly from $161 million in the second half of 2023.
Despite the sharp rise, stablecoin usage still represents a small fraction of Singapore’s overall payment flows. Retail card payments in the country were valued at S$73.2 billion ($56.2 billion) during the same period, underscoring the gap between traditional payment methods and the emerging digital asset market.
Singapore, known for its ambitions to become a global digital-asset hub, has been focused on leveraging blockchain technology to make financial payments faster and more cost-effective, particularly for institutional use cases. While stablecoins are primarily used for crypto trading, they are also increasingly being utilized for everyday transactions, though concerns remain over their association with illicit activities.
As the city-state continues to develop its digital finance infrastructure, stablecoins are expected to play a growing role in Singapore’s evolving payment landscape.
