Retail investor participation in ASEAN has also been driven by speculation and fear of missing out, or FOMO, with stablecoins serving as one of the key tools enabling access to such activities.
Data show that in 2025, Asia accounted for 30% of global stablecoin trading activity, reflecting the growing acceptance and popularity of stablecoin usage across the region.
Although the data do not identify which country uses stablecoins the most as a hedge against inflation or currency risk, they show that Vietnam stands out most clearly in terms of digital asset activity relative to the size of its economy.
During 2024-2025, Vietnam recorded digital asset inflows equivalent to as much as 55% of GDP. It was also among the world’s top 10 countries for crypto adoption in 2024.
At the same time, the data show that crypto activity in countries such as Pakistan and Cambodia is linked to reliance on foreign currencies, digital channels for remittances and limitations in conventional financial systems.
Why Vietnam has such a high level of digital asset transactions relative to GDP
Several key factors explain why Vietnam’s digital asset inflows reached 55% of GDP during 2024-2025.
1. Smaller GDP than larger economies
When digital asset transaction values are compared with a GDP base that is still smaller than those of major economies, the resulting ratio appears higher than in many countries with larger economies.
2. Reliance on digital channels and foreign currencies
Vietnam has long relied on digital channels and foreign currencies for transactions and payments, and digital assets can meet these needs.
3. High crypto adoption
Vietnam ranked among the world’s top 10 countries for crypto adoption in 2024, reflecting widespread use among the public.
4. Supportive demographics
The country has a rapidly growing internet user base and a young, tech-savvy population interested in participating in decentralised finance.
5. Demand for international remittances
Digital assets, especially stablecoins, are being used as an alternative channel for sending money home because they are cheaper and faster than traditional methods.
6. Legal and policy clarity
Vietnam has pushed forward the Digital Technology Industry Law, which comes into force in 2026, to systematically regulate and promote the sector.
The data show that stablecoins are not used only for digital asset trading. They also play an important role in international remittances, hedging against currency volatility, facilitating cross-border transactions and supporting activities within the DeFi ecosystem.
With stablecoins accounting for more than 50% of digital asset flows in ASEAN, they have clearly become an important component of the region’s digital financial system.