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Has Singapore’s stablecoin surge peaked, or is 2026 just the start?

The pegged cryptocurrencies could be worth US$4 trillion globally in just five years

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Shikhar Gupta

Shikhar Gupta

Published Thu, Dec 25, 2025 · 10:00 AM
    • Singapore has been listed as the top country for regulatory clarity in Bybit's 2025 World Crypto Rankings report.
    • Singapore has been listed as the top country for regulatory clarity in Bybit's 2025 World Crypto Rankings report. PHOTO: TAY CHU YI, BT

    [SINGAPORE] Stablecoins have been all the rage in 2025, with Singapore also feeling the effects of the stablecoin momentum.

    According to crypto data aggregator Coingecko, the market capitalisation of Singapore dollar-backed XSGD stablecoin stood at about S$17 million as at December. This was up from S$10 million just a year ago.

    Unlike other cryptocurrencies, stablecoins are pegged to the value of a currency, commodity or financial instrument, which in turn limits price volatility. For example, one XSGD stablecoin is backed by one Singdollar.

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    StablecoinsSingaporeMonetary Authority of SingaporeCryptocurrencies

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