An analysis built on Allium’s geographic payment data found that domestic transfers made up the majority of identifiable stablecoin activity, while Asia-Pacific emerged as the largest regional market in the sample.
The study covers $15.2 billion in on-chain stablecoin transfers where both the sending and receiving countries could be identified. It notes that most blockchain transactions still cannot be assigned to a specific country, so the figures reflect only the identifiable sample. The article was written by Heechang Kang, chief strategy officer at Four Pillars, translated by Jiahuan, and published by ChainCatcher.
Stablecoin activity is led by domestic transfers
Domestic transfers, defined as transfers between wallets located in the same country, reached $9.5 billion, accounting for 62.6% of the $15.2 billion in identifiable volume.
According to the article, domestic transfers were the largest destination for outflows in most markets covered by the sample, regardless of region or market size. Turkey recorded $2.28 billion, followed by South Korea at $1.6 billion, Mexico at $1.53 billion, Indonesia at $1.09 billion, and the United States at $1.07 billion. Together, those five markets accounted for 79.5% of global domestic stablecoin volume in the dataset.
These transfers took place directly between public blockchain wallets without relying on card networks or bank payment rails. The article says the scale of that activity points to stablecoins being used inside domestic markets for payments, trading, and dollar-denominated savings, rather than serving only as a cross-border remittance tool.
Even cross-border flows tend to remain within the sender’s region
When domestic transfers are included, 73.0% of identifiable transaction volume stayed within the sender’s own region, meaning within the same continent. The regional breakdown was 79.5% for Asia-Pacific, 72.0% for the Middle East and Africa, 71.4% for North America, and 49.6% for Europe.
The article says that pattern shows identifiable stablecoin flows are still concentrated inside the sender’s home region. If domestic transfers are excluded, the regional share drops to 27.8% of the $5.68 billion in cross-border volume.
Even under that narrower view, Asia-Pacific remained distinct. In the region, 43.7% of cross-border transfers stayed within Asia-Pacific, equal to $995 million out of $2.28 billion in cross-border volume. North America posted 27.0%, while the Middle East and Africa came in at 6.3%.
Turkey, described in the article as the largest market in the Middle East and Africa, sent most of its cross-border stablecoin flows to Asia and the Americas. Within Asia-Pacific, several bilateral corridors had already reached notable size, including Taiwan to Indonesia at $138 million, Indonesia to Taiwan at $124 million, and Indonesia to South Korea at $89 million.
The article argues that current transaction volumes already provide a base for regional stablecoin payment infrastructure in Asia-Pacific. Indonesia, Taiwan, South Korea, Australia, and Thailand together were involved in about $1 billion in intra-regional cross-border volume, while also generating $3.96 billion in domestic transfers. It says institutions can use those existing liquidity patterns and bilateral demand signals to decide which corridors deserve priority.
It specifically points to Taiwan-to-Indonesia and Indonesia-to-South Korea as corridors where measurable bilateral demand is already in place. At the same time, Allium currently identifies both sending and receiving countries for only 2.9% of all observed transaction volume, so the ranking of cross-border corridors could change as more country-level attribution becomes available.
Asia-Pacific is the largest regional market in the dataset
Asia-Pacific sent $6.23 billion in stablecoins, representing 41.0% of identifiable volume, and received $6.4 billion, or 42.1%.
By outbound volume, the region was well ahead of North America at 28.6%, the Middle East and Africa at 22.0%, Europe at 7.5%, and Latin America at 0.8%. Asia-Pacific also generated $3.96 billion in domestic transfers, equal to 41.6% of global domestic stablecoin volume in the sample.
The same concentration appeared in major cross-border corridors. Of the 15 largest cross-border stablecoin payment routes globally, nine involved at least one Asia-Pacific market, and Indonesia alone appeared in six of them.
The two largest one-way corridors were Turkey to Indonesia and the United States to Mexico, each at $206 million. On a combined two-way basis, Indonesia-Turkey reached $363 million, Indonesia-Taiwan reached $262 million, and South Korea-Turkey reached $190 million.
The article says these figures indicate that sizable flows are already linking Asian markets with non-Asian markets where stablecoin usage is also relatively high.
Net inflow figures also favor Asia-Pacific
Net flow data told a similar story. Asia-Pacific received $167 million more than it sent, making it a net inflow region in the sample. The United States posted the largest net outflow in the dataset.
At the country level, Indonesia recorded a net inflow of $111 million, Singapore posted $57.9 million, and South Korea posted $31.7 million. The article lists them among the markets with the largest positive net inflows in the sample.
Its conclusion is directed at institutions assessing current stablecoin payment demand: domestic settlement services and cross-border corridors in Asia-Pacific stand out as the clearest opportunities in the identifiable market, because the region combines the largest observable transaction base, the highest domestic volume, and positive net inflows.