在亚洲，即使监管机构保持警惕，加密货币仍在扩张：印度实行全球最严格的政策之一，对收益征税30%，并从交易中扣除高达1%，但在2024年年中至2025年期间仍有估计3380亿美元的加密流入，并在Chainalysis的全球采用指数中连续第三年排名第一。该指数前20个国家中有9个来自亚洲，包括巴基斯坦（第3位）和越南，以及日本和韩国，这种主导地位越来越多反映的是用途从投机转向支付与金融基础设施。

汇款是关键场景：约2400万东南亚人在海外工作，世界银行数据显示，2025年将200美元汇回家的平均成本为6.5%，而在菲律宾这类汇款占GDP 9%的国家尤为痛苦。稳定币价格几乎不波动，正在成为加密活动的“骨干”，且在去年1月至7月期间全球稳定币转账量超过4万亿美元，尽管这仍只是年度跨境支付的一小部分。

企业与自由职业者也在采用稳定币以减少中介与费用：Artemis称，月度企业对企业稳定币交易量已从2023年初不足1亿美元飙升至2025年年中超过60亿美元。世界银行估计亚洲拥有超过2.1亿零工经济劳动者（约占全球一半），在巴基斯坦约200万自由职业者和每年380亿美元汇款的背景下，稳定币兑换为本币的典型费用为1%至3%，约为传统渠道成本的一半，但同样的速度、低费用与无需银行账户也被缅甸和柬埔寨的犯罪网络所利用。

Across Asia, crypto is expanding despite official wariness: India has among the world’s strictest policies, taxing gains at 30% and deducting a hefty 1% from transactions, yet still saw an estimated $338bn in crypto inflows between mid-2024 and 2025 and ranked first for the third year running on Chainalysis’s global adoption index. Nine of the index’s top 20 countries are Asian, including Pakistan (3rd) and Vietnam as well as Japan and South Korea, and this dominance increasingly reflects a shift in use from speculation toward payments and financial infrastructure.

Remittances are a key use case: around 24m people from South-East Asia work abroad, the World Bank puts the average cost of sending $200 home at 6.5% in 2025, and the pain is acute in countries such as the Philippines where remittances are 9% of GDP. Stablecoins barely fluctuate in price and are becoming the “backbone” of crypto activity, with global stablecoin transfer volumes topping $4trn between January and July last year even though that remains a small slice of annual cross-border payments.

Businesses and freelancers are also adopting stablecoins to cut intermediaries and fees: Artemis reports monthly business-to-business stablecoin volumes surged from under $100m at the start of 2023 to over $6bn by mid-2025. The World Bank estimates Asia has more than 210m gig-economy workers (about half the global total), and in Pakistan, with around 2m freelancers and $38bn in remittances each year, stablecoin-to-local conversion typically costs 1–3%, roughly half traditional channels, while the same speed, low fees, and no-bank-account requirement are also exploited by criminal syndicates in Myanmar and Cambodia.

Source: Asia is turning stablecoins into banking infrastructure

Subtitle: Speculative crypto may be tottering, but stable tokens are finding their feet across the regio

Dateline: 2月 12, 2026 05:49 上午 | SINGAPORE