Singapore crypto activity grows 55% as broader region contracts — SkimNews
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- MAS required local crypto firms serving overseas clients to obtain a license or exit in 2025, with StraitsX CEO Tianwei Liu saying the move cut speculative activity while banks and large companies continued using blockchain in production.
- Ripple joined MAS's BLOOM program on March 25 to test cross-border trade settlement using its RLUSD stablecoin.
- Philippines, Thailand, and Vietnam recorded 5.4 million P2P transfers under $10,000—14.4% of the global total despite accounting for just 2.5% of the global crypto economy, according to Chainalysis.
- Thailand's SEC reported in September a significant increase in stablecoin volume and value, particularly USDT, alongside a $10.4 billion domestic stablecoin market; Vietnam's reached $6.9 billion.
- Cross-border stablecoin activity exceeded domestic activity in every market Chainalysis analyzed, with regional cross-border flows running 3.2x larger than domestic.
- PDAX CEO Nichel Gaba estimated 5% to 10% of inbound remittances to the Philippines settle using stablecoins, while the Bank of the Philippine Islands announced a July stablecoin settlement pilot for overseas Filipino freelancers and remote workers.
Why it matters: Singapore's licensing push is squeezing overseas-facing speculative firms while institutional players expand blockchain use; meanwhile, the Philippines, Thailand, and Vietnam generate 14.4% of global sub-$10,000 crypto transfers from just 2.5% of the global crypto economy, with cross-border stablecoin flows running 3.2x domestic volumes as retail demand grows across regional corridors.
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