Official announcements from the Monetary Authority of Singapore (MAS)

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

Sep 12, 2024, 01:01 PM

Payments in Singapore using stablecoins reached a record high of almost $1 billion in the second quarter (Q2) of 2024, according to blockchain analysis firm Chainalysis. This surge was primarily driven by transactions at merchant outlets. The growth in stablecoin payments in Singapore marks a 100% increase quarter-over-quarter. The trend aligns with a broader global increase in the use of stablecoins, with the market cap of the top 10 fiat-backed stablecoins rising to $161.2 billion in 2024, a 35.4% increase from 2023. Surveys conducted by Visa, Brevan Howard, and Castle Island Ventures indicate that stablecoins are finding real-world applications in cross-border payments, remittances, commodity payments, and salary payments.