Hong Kong — Asia is outpacing Western markets in the adoption of onchain financial services, driven by a focus on user utility and proactive regulation. While the West remains focused on institutional asset management, Asian markets are prioritizing high-frequency retail applications and cross-border trade. Regulatory progress is a primary engine of this growth. Niki Ariyasinghe, vice president for Asia Pacific and Middle East at Chainlink Labs, identified Hong Kong and the United Arab Emirates as the most advanced markets for stablecoin regulation.
He argued that stablecoin adoption in Asia often stems from a fundamental need for efficiency rather than speculation. “Ultimately, it’s a willingness to use a new form of payment because of the value it delivers. Ultimately, it’s cheaper, it’s quicker, or it’s more convenient at the end of the day,” Ariyasinghe said. Small businesses engaged in international trade represent a key demographic for these digital assets. These firms use stablecoins to bypass a fragmented traditional payment infrastructure that often takes days to settle.
A merchant selling wonton mee on the side is not going to accept USDT, USDC or any USD stablecoin. They want Hong Kong dollars, See Tong said. Suhan Zhao, head of APAC at Aptos Labs, noted a distinct shift toward real-world use cases. “In Asia, there is a high adoption of digital payment, and also there’s a high willingness to deploy new technology at scale,” Zhao said. She pointed to South Korea’s Lotte Group, which issued over 5 million mobile service vouchers on the Aptos network, reaching 1.3 million users in under three months.
Nick See Tong, APAC regional lead for Base, emphasized that local stablecoins remain essential for mass market penetration. “A merchant selling wonton mee on the side is not going to accept USDT, USDC or any USD stablecoin. They want Hong Kong dollars,” See Tong said.
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