APAC stablecoin use skews 5.3x towards B2C payments

Allium and FXC Intelligence found that business transfers held a smaller relative share than conventional currency flows.

Asia-Pacific (APAC) recorded the highest relative use of stablecoins for business-to-consumer (B2C) cross-border payments, at 5.3 times the share of equivalent payments made through traditional currencies, according to data from Allium and FXC Intelligence.

Europe, the Middle East and Africa (EMEA) followed at 3.5 times, whilst the Americas recorded 1.4 times.

Consumer-to-consumer (C2C) payments also accounted for a larger share of stablecoin transactions than traditional cross-border payments across all three regions.

The ratio stood at 3.7 times in APAC, 2.9 times in EMEA and 2.5 times in the Americas.

For consumer-to-business (C2B) payments, the ratio was 2.0 times in both APAC and EMEA, compared with 1.9 times in the Americas.

Business-to-business (B2B) payments showed the opposite pattern, accounting for a smaller share of stablecoin transactions than traditional cross-border payments.

The ratio was 0.6 times in APAC and EMEA and 0.8 times in the Americas.

The report estimated that B2B transactions accounted for 46% to 57% of cross-border stablecoin flows across the three regions, compared with approximately 76% to 81% of traditional cross-border payment flows.

At the country level, Taiwan, Turkey and Indonesia were amongst the leading markets for stablecoin payments in 2025.

Three payment routes — Taiwan to Turkey, Taiwan to Indonesia and Turkey to Indonesia — accounted for approximately 13% of all cross-border stablecoin payments.

Mexico, Ukraine and South Korea also ranked amongst the leading markets for outbound stablecoin payments.

The report linked increased adoption in Turkey, Ukraine, Mexico and Indonesia to currency volatility, inflation and restrictions on moving capital.

In Taiwan and South Korea, established cryptocurrency trading markets were identified as possible drivers of adoption.

The findings also showed differences between stablecoin transfers and traditional remittances.

In the Mexico-US payment route, for example, stablecoin transfers primarily moved from Mexico to the US, reversing the usual direction of remittances.

According to the report, this suggests some users may be moving funds into US dollar-denominated stablecoins to save, hold or settle payments rather than using them for conventional remittances.