Stablecoins Emerge as Asia's Financial Infrastructure with $338B India Inflows, Chainalysis Data Show

India recorded approximately $338 billion in cryptocurrency inflows between mid-2024 and 2025, topping Chainalysis' Global Crypto Adoption Index for three consecutive years, with nine of the top 20 nations in Asia including Pakistan (3rd), Vietnam, Japan and South Korea, Chainalysis data show. Stablecoins are gaining traction for remittances and business payments across the region, where World Bank data put the average cost to send $200 at 6.5% in 2025—a burden for Southeast Asia's roughly 24 million overseas workers and economies such as the Philippines where remittances represent 9% of GDP. Chengyi Ong of Chainalysis said stablecoins' lower volatility versus Bitcoin and low-cost transfers make them "the backbone of crypto activity," with monthly business-to-business stablecoin volumes rising from under $100 million in early 2023 to over $6 billion by mid-2025, per crypto analytics firm Artemis. In Pakistan, which has around 2 million freelancers and $38 billion in annual remittances, many receive payments in stablecoins and convert via exchanges or local merchants at fees of 1%–3%.