Singapore Has Region’s Largest Measured Crypto Economy at $284B
Activity rose 55.4% year over year through June 30, 2026, while the broader region contracted 6.8%.
Singapore had the region’s largest measured crypto economy, with $284 billion in activity over the 12 months through June 30, 2026, highlighting a sharp expansion even as the broader region contracted.
Singapore’s activity rose 55.4% from a year earlier. Institutional-platform activity increased 94% to $60 billion, while centralized-exchange flows rose 30% and decentralized-exchange flows grew 69%.
The broader Central and Southeast Asia and Oceania crypto economy declined 6.8% during the same period. Institutional platforms across the region processed $152.3 billion, up 40% year over year, and represented 18.9% of regional activity by the end of the second quarter of 2026.
Australia had the region’s second-largest measured crypto economy, with $173.1 billion in activity, down 5.6%. Its institutional-platform activity rose 33.3% to $39.92 billion. India recorded $135 billion even as its crypto economy fell 14.7%.
The figures measure blockchain activity rather than crypto market capitalization. The methodology combines service inflows, domestic peer-to-peer transfers and cross-border transfers into personal wallets.
Stablecoin activity was more heavily concentrated across borders than within domestic markets. Cross-border activity exceeded domestic activity in every market analyzed and was 3.2 times larger across the region. Malaysia recorded the widest gap, with cross-border activity 29.5 times domestic activity.
“Stablecoins have a relatively weak value proposition for everyday domestic payments. Where the opportunity becomes much more interesting is cross-border settlement,” said David Low, CEO of Hata.
Small-value peer-to-peer transfers also accounted for a significant share of activity in parts of Southeast Asia. The Philippines, Thailand and Vietnam recorded 5.4 million transfers below $10,000, representing 14.4% of the global total while accounting for 2.5% of the global crypto economy.
Domestic transfers below $1,000 made up more than four in five transfers in those three countries, with an average size of $618. Nichel Gaba, founder and CEO of PDAX, said, “probably around 5-10% of inbound remittances are being settled with stablecoins.”
The reporting period ended June 30, 2026, covering activity across centralized exchanges, decentralized exchanges, institutional platforms and peer-to-peer transfers.
