Hong Kong — Asia is outpacing Western markets in adoption of blockchain financial services, thanks to a focus on user utility and proactive regulation. While the West remains focused on institutional asset management, Asian markets are prioritizing high-frequency retail applications and cross-border trading.
During a panel discussion at Consensus Hong Kong, industry leaders highlighted how different regional dynamics are shaping blockchain growth. Suhan Zhao, head of APAC at Aptos Labs, noted a clear shift toward real-world use cases. “In Asia, there is strong adoption of digital payment, as well as a strong desire to deploy new technologies at scale,” Zhao said. She mentioned the South Korean group Lotte, which issued more than 5 million mobile service vouchers on the Aptos network, reaching 1.3 million users in less than three months.
Regulatory progress is the main driver of this growth. Niki Ariyasinghe, vice president for Asia Pacific and the Middle East at Chainlink Labs, identified Hong Kong and the UAE as the most advanced markets when it comes to stablecoin regulation. He argued that stablecoin adoption in Asia often stems from a fundamental need for efficiency rather than speculation. “At the end of the day, it’s about a desire to use a new payment method because of the value it offers. Ultimately, it’s cheaper, it’s faster or it’s more convenient at the end of the day,” Ariyasinghe said.
Small businesses engaged in international trade represent a key demographic for these digital assets. These companies use stablecoins to bypass a fragmented traditional payments infrastructure that often takes days to settle. Nick See Tong, APAC regional manager for Base, emphasized that local stablecoins remain key to mass market penetration. “A trader selling wonton mee on the side will not accept USDT, USDC or any other stablecoin in USD. They want Hong Kong dollars,” See Tong said.
