Singapore Crypto Activity Rises 55% as Regional Trading Slows

Singapore’s crypto market expanded sharply in the year ended June 2026, with total crypto economic activity rising 55.4% to $284 billion, according to Chainalysis. The growth helped the city-state regain its position as the largest crypto economy in Central and Southeast Asia and Oceania (CSAO), even as the broader region saw contraction over the same period.

Chainalysis data also points to a shift in what’s driving activity: institutional platform volumes surged 94% to $60 billion, while the wider CSAO crypto economy fell 6.8%. The report suggests Singapore’s increase was not primarily powered by a flood of new entrants, but by higher-volume activity concentrated among existing institutional and over-the-counter players.

Key takeaways

• Singapore’s total crypto economic activity grew 55.4% to $284 billion in the year ended June 2026, outperforming a 6.8% decline across the broader CSAO region.
• Institutional platform activity nearly doubled (+94%) to $60 billion, with activity concentrated among a limited set of market makers, OTC firms, and institutional brokers.
• Chainalysis reports small-value P2P growth in the Philippines, Thailand, and Vietnam—each transfer is typically under $1,000, averaging $618 across the three.
• Across CSAO markets analyzed, cross-border stablecoin activity outpaced domestic use, reaching levels 3.2 times larger on a cross-border basis.

Institutional activity lifts Singapore despite regional weakness

Chainalysis attributes much of Singapore’s expansion to institutional platforms. Institutional platform activity increased 94% to $60 billion, the bulk of which was concentrated among a small number of entities such as market makers, over-the-counter trading firms, and institutional brokerages.

In commentary provided to Cointelegraph, Chainalysis said the growth was “very concentrated” and mostly reflected high-volume trading from existing platforms rather than the rapid arrival of new services. For market participants, that concentration matters: it suggests Singapore’s momentum is tied more closely to established liquidity and service providers than to broad retail expansion.

The timing aligns with Singapore’s broader regulatory direction—tightening oversight while continuing to create room for specific innovation areas including tokenization, stablecoins, and digital-asset settlement.

Regulatory tightening in Singapore, tokenization support from MAS

Singapore has been actively adjusting rules for crypto businesses. In 2025, the Monetary Authority of Singapore (MAS) required firms that serve overseas clients to either obtain a license or exit the market. StraitsX CEO Tianwei Liu told Cointelegraph that the change reduced speculative activity while allowing more institutional participants—including banks and large corporate users—to continue blockchain-based production.

At the same time, MAS has expanded initiatives that aim to bring tokenization and settlement into regulated frameworks. Through its BLOOM program, MAS supports trials using regulated stablecoins and tokenized bank money. In March, Ripple joined those efforts to test cross-border trade settlement using RLUSD, according to Cointelegraph reporting.

For investors and builders, the combination is notable: Singapore appears to be channeling momentum toward institutional and settlement use cases, rather than relying on retail speculation as the primary driver of measured activity.

Philippines, Thailand, and Vietnam see P2P activity rise at small ticket sizes

While Singapore led on institutional volumes, Chainalysis also identified growth in peer-to-peer (P2P) activity in the Philippines, Thailand, and Vietnam. The three countries recorded a combined 5.4 million P2P transfers (domestic and cross-border) worth less than $10,000 during the reporting period.

Even though these transfers are small, they represented 14.4% of global P2P totals while the three markets accounted for only 2.5% of the overall crypto economy—an imbalance that underscores how significant P2P channels remain for certain user needs, even where total market size is comparatively smaller.

Chainalysis reports that more than four in five domestic P2P transfers across the three markets were below $1,000, with an average transfer size of $618 compared with $1,210 across the rest of the world. That difference suggests local behavior is skewed toward lower-value, more frequent movement of funds.

Context for these patterns can be found in earlier reporting and macro indicators referenced by Chainalysis. The International Monetary Fund has previously said authorities in the Philippines view crypto usage as being driven primarily by remittances and investment, and World Bank data shows personal remittances were equivalent to 8.5% of GDP in 2025.

Vietnam’s P2P market also appears to be shaped by on-the-ground exchange liquidity. Earlier reporting from Tuoi Tre described P2P trading as an important fiat gateway in a market where the Vietnamese dong is not widely supported in direct crypto trading pairs. Reuters similarly reported that many Vietnamese traders rely on overseas exchanges, making P2P channels a practical bridge between local bank accounts and crypto markets abroad.

In Thailand, regulatory observations point to stablecoin-driven activity. In September, the country’s Securities and Exchange Commission said it had noted a significant increase in the volume and value of stablecoin transactions, particularly USDT.

Stablecoins increasingly dominate cross-border flows

Across the region, Chainalysis found that stablecoins play an outsized role in cross-border activity. In every market analyzed, cross-border stablecoin use exceeded domestic activity, and overall cross-border activity was 3.2 times larger than domestic activity.

Chainalysis told Cointelegraph that stablecoins account for a growing share of activity across all three markets, with adoption plausibly linked to ease of use, speed, and low transfer costs.

Thailand and Vietnam showed sizable domestic stablecoin markets—$10.4 billion and $6.9 billion, respectively—while cross-border stablecoin activity remained significantly larger than domestic activity in both cases. In the Philippines, PDAX CEO Nichel Gaba estimated that 5% to 10% of inbound remittances are settled using stablecoins, and he noted that major remittance companies are pursuing stablecoin settlement initiatives.

That narrative is consistent with developments in local banking. Earlier coverage from Cointelegraph reported that the Bank of the Philippine Islands planned a stablecoin settlement pilot aimed at reducing the cost and processing time of overseas payments to Filipino freelancers and remote workers.

What to watch next

Chainalysis’ findings raise a clear question for investors and operators: will Singapore’s institutional-led growth remain concentrated in existing platforms, or will regulation-backed innovation broaden into more new services? At the same time, rising P2P volumes in parts of CSAO and stablecoins’ strong cross-border pull suggest user demand for fast, low-cost value transfer is continuing to evolve—particularly around remittances and gateway liquidity.