2nd October 2026
By Shubhii Verma
Singapore has emerged as the largest crypto economy in Central and Southeast Asia and Oceania (CSAO), recording $284 billion in crypto activity between July 2025 and June 2026, according to Chainalysis’ 2026 Geography of Crypto Report.
The region’s overall crypto economy contracted 6.8% during the period, but the decline concealed growth in several markets and use cases. Singapore and Australia recorded stronger institutional activity, while the Philippines, Thailand, and Vietnam saw notable growth in peer-to-peer (P2P) transfers.
Singapore Leads CSAO with $284 Billion in Crypto Activity
Singapore’s crypto activity increased 55.4% year-over-year, with institutional-platform activity rising 94% to $60 billion. Centralized exchange flows increased 30%, while decentralized exchange flows climbed 69%. Chainalysis attributed much of the institutional activity to market makers, over-the-counter trading firms, and institutional brokerages.
Australia ranked second regionally with $173.1 billion in activity, although its overall crypto economy declined 5.6%. Institutional-platform activity nevertheless grew 33.3% to $39.92 billion, supported by custodians, OTC desks, and market-making firms.
India ranked third with $135 billion in crypto activity despite a 14.7% contraction. Its centralized exchange market remained the largest in CSAO, with India-based users receiving $88.4 billion in CEX inflows during the reporting period.
Stablecoins Drive Cross-Border Payments Across CSAO
Stablecoins have also become an important tool across the region, particularly for cross-border payments. Chainalysis found that cross-border stablecoin activity exceeded domestic activity in every market analyzed. Across CSAO, cross-border activity was 3.2 times larger than domestic activity, while Malaysia recorded the widest gap at 29.5 times.
In the Philippines, stablecoins are increasingly being used for remittances. Industry estimates cited by Chainalysis suggest that around 5% to 10% of inbound remittances are being settled using stablecoins.
P2P Crypto Transfers Grow in the Philippines, Thailand, and Vietnam
P2P activity was another major growth area. The Philippines, Thailand, and Vietnam recorded 5.4 million small-value P2P transfers below $10,000, representing 14.4% of the global total despite the three countries accounting for only 2.5% of the global crypto economy. More than four in five domestic transfers were below $1,000.
Institutional Adoption and Regulation Shape Regional Growth
Institutional adoption is expanding across CSAO. Institutional platforms processed $152.3 billion during the reporting period, up 40% year-over-year, with such platforms accounting for 18.9% of regional service activity by the end of the second quarter.
Chainalysis said regulation and infrastructure will be important for the region’s next stage of adoption. Singapore’s regulated digital payment token and stablecoin frameworks have helped support institutional participation, while Australia is developing licensing and compliance frameworks for digital asset platforms.
The broader trend suggests that crypto use in CSAO is increasingly moving beyond trading toward cross-border settlement, tokenisation, treasury management, and other practical financial applications.
