Hong Kong — Asia is outpacing Western markets in the adoption of onchain financial services, driven by a focus on user benefits and proactive regulation. While the West continues to focus on institutional asset management, Asian markets prioritize 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 significant shift toward real-world use cases. “In Asia, there is a high adoption of digital payment and there is also a high willingness to implement new technology on a large scale,” Zhao said. She pointed to South Korea’s Lotte Group, which issued over 5 million mobile service vouchers on the Aptos network and reached 1.3 million users in less than three months.
Regulatory progress is the primary driver of this growth. Niki Ariyasinghe, vice president of Asia Pacific and Middle East at Chainlink Labs, identified Hong Kong and the United Arab Emirates as the most advanced markets for 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 a willingness to use a new form of payment because of the value it delivers. At the end of the day, 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 firms use stablecoins to bypass a fragmented traditional payment infrastructure that often takes days to settle. Nick See Tong, APAC regional manager for Base, emphasized that local stablecoins remain essential for mass market penetration. “A grocery store selling wonton mee next door will not accept USDT, USDC or any USD stablecoin. They want Hong Kong dollars,” See Tong said.
