Key facts
- Singapore's crypto economy grew 55.4% to $284 billion in the year ended June 2026.
- Institutional platform activity in Singapore surged 94% to $60 billion.
- The broader CSAO crypto economy contracted 6.8% during the same period.
- The Philippines, Thailand, and Vietnam recorded 5.4 million P2P transfers under $10,000.
- Cross-border stablecoin activity was 3.2 times larger than domestic activity in the region.
- MAS is working to tighten crypto regulation while supporting tokenization and stablecoins.
Singapore's cryptocurrency economy experienced a significant surge of 55.4%, reaching $284 billion in the year ending June 2026, according to a report by Chainalysis. This growth outpaced a regional contraction of 6.8% in the Central and Southeast Asia and Oceania (CSAO) region, allowing Singapore to reclaim its position as the largest crypto economy in the area. The substantial increase in Singapore's crypto activity was largely attributed to a 94% rise in institutional platform activity, which amounted to $60 billion. This activity was concentrated among a small number of market makers, over-the-counter trading firms, and institutional brokerages, rather than a broad influx of new services. This development occurs as Singapore's Monetary Authority (MAS) has been working to enhance its regulatory framework for crypto, while simultaneously fostering initiatives in tokenization, stablecoins, and digital-asset settlement. In 2025, MAS implemented a requirement for local crypto firms serving overseas clients to obtain a license or cease operations. Tianwei Liu, CEO of StraitsX, noted that this move reduced speculative activity and allowed institutional players, including banks and large corporations, to integrate blockchain technology into their operations. Concurrently, MAS has been advancing its tokenization and settlement programs, such as the BLOOM program, which supports trials utilizing regulated stablecoins and tokenized bank money. On March 25, Ripple joined this initiative to test cross-border trade settlement using RLUSD. While Singapore led in institutional activity, Chainalysis identified a notable increase in small-value peer-to-peer (P2P) transfers in the Philippines, Thailand, and Vietnam. These three countries collectively recorded 5.4 million P2P transfers, both domestic and cross-border, valued under $10,000. This volume represented 14.4% of the global total, despite the combined crypto economies of these nations accounting for only 2.5% of the global total. In the Philippines, the International Monetary Fund has indicated that crypto usage is primarily driven by remittances and investment. World Bank data from 2025 showed personal remittances were equivalent to 8.5% of the country's GDP. In Vietnam, P2P trading has become a crucial fiat gateway, as the Vietnamese dong is not widely supported in direct crypto trading pairs. Many Vietnamese traders utilize overseas exchanges, making P2P channels essential for moving funds between local bank accounts and these platforms. Thailand has observed a significant rise in stablecoin transactions, particularly USDT, according to the country's Securities and Exchange Commission. Across the region, cross-border stablecoin activity was found to be more substantial than domestic activity, being 3.2 times larger. Chainalysis suggests that ease of use, speed, and low transfer costs are likely drivers for stablecoin adoption. In the Philippines, Nichel Gaba, CEO and founder of crypto exchange PDAX, estimated that 5% to 10% of inbound remittances are settled using stablecoins, with major remittance companies exploring stablecoin settlement. The Bank of the Philippine Islands also revealed plans in July for a stablecoin settlement pilot aimed at reducing costs and processing times for overseas payments to Filipino freelancers and remote workers.