Stablecoins have transitioned in 2025 from a niche crypto asset into a foundational layer of payments infrastructure. According to the latest BitPay State of Stablecoins Report 2025, nearly 40% of all payment and payout volume on BitPay’s platform in the first five months of the year came from stablecoins, compared to 30% in 2024. This represents a 32% year-over-year increase, driven not by speculation but by business use cases where speed, cost-efficiency, and predictability are essential.
Key Findings from the Report
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Volume growth: Stablecoin transaction volume grew 32% YoY, with the average payment size nearly doubling from USD 1,700 in 2024 to USD 3,800 in 2025. This indicates that stablecoins are increasingly trusted for high-value transactions.
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Technology stack: Ethereum continues to dominate stablecoin payment volume (95%), but Layer-2 networks such as Polygon, Arbitrum, and Optimism now handle nearly half of all transactions, thanks to lower fees and faster settlement.
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Token preferences: USDT (61.2%) and USDC (38%) remain the clear leaders, while alternatives such as PYUSD or DAI account for only a marginal share.
Country-Specific Relevance
Japan: Institutional Use of Yen-Based Stablecoins
Japan has been among the earliest jurisdictions to establish clear legal frameworks for stablecoins. Financial giants such as Mitsubishi UFJ Financial Group are developing yen-pegged stablecoins (e.g., Progmat Coin) designed for integration into trade and settlement systems. The report’s emphasis on high-value payments aligns closely with Japan’s push to use stablecoins for institutional finance and cross-border commerce.
South Korea: Driving Stablecoin Use in Gaming and E-Commerce
South Korea’s digital economy—particularly its gaming sector and online retail—is a natural fit for stablecoin innovation. The report highlights that Layer-2 networks are increasingly chosen for high-frequency, lower-value transactions, precisely the type of activity that dominates Korea’s gaming and digital payment ecosystem. Stablecoins could serve as the bridge between in-game assets and fiat, streamlining user payments and payouts.
Singapore: A Regulated Hub for Cross-Border Payments
Singapore’s Monetary Authority (MAS) has introduced one of the world’s most advanced stablecoin regulatory frameworks, ensuring reserve backing, liquidity, and transparency. This positions Singapore as a leading hub for cross-border B2B payments, which the report identifies as one of the fastest-growing use cases. With its established role as a global financial center, Singapore is poised to scale stablecoin adoption across trade and enterprise finance.
Why It Matters
The BitPay report underscores three advantages that are particularly relevant for businesses in these markets:
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Transaction speed & liquidity – confirmation in minutes rather than days.
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Cost reduction – fees lower than traditional SWIFT or card networks.
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Borderless reach – 24/7 settlement without banking intermediaries.
These benefits make stablecoins highly relevant for:
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Export-driven industries in Japan and Korea.
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Financial and logistics services in Singapore.
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Digital platforms and e-commerce ecosystems handling frequent transactions.
Conclusion
The BitPay State of Stablecoins Report 2025 demonstrates that stablecoins are no longer just a crypto convenience — they are becoming a strategic backbone of international payments. With Japan advancing bank-issued stablecoins, Korea applying stablecoins to its gaming and retail economy, and Singapore establishing itself as a regulatory and financial hub, the region is not only adopting but actively shaping the future of stablecoin usage.