Reports from blockchain analysis firms like Chainalysis

Singapore Stablecoin Payments Hit Record $1B in Q2 2024, 100% Growth

Sep 11, 2024, 12:34 PM

Payments in Singapore using stablecoins reached a record high of almost $1 billion in the second quarter of 2024, according to blockchain analysis firm Chainalysis. This milestone marks a significant growth in stablecoin transactions, particularly at merchant outlets, with a 100% growth quarter-over-quarter. The surge in stablecoin usage is part of a broader trend of increasing adoption of real-world asset (RWA) altcoins and decentralized finance (DeFi) innovations. Additionally, the stablecoin market cap on Layer 2 solutions surpassed $10 billion, highlighting the growing importance of these digital assets in the global financial ecosystem.