Morph’s survey finds 77% of Singapore respondents are implementing stablecoins, yet barriers remain when integrating these assets.
Singapore businesses show the strongest active interest in stablecoins among five markets surveyed, according to Morph’s latest report, The Cost of Getting Paid.
The report surveyed users from Singapore, Hong Kong, the Philippines, Indonesia, and Vietnam. It found that 77% of Singapore respondents are already using, implementing, or actively evaluating stablecoins. Of these, 17% are using them, 17% are implementing them, and 43% are evaluating adoption within the next 12 to 24 months.
Singapore: High Intent, Conditional Trust
Among the Singapore respondents, 85% believe adoption could eliminate FX markups, hidden fees, and cost leakage. The same share expects faster, round-the-clock access to capital and better real-time payment tracking.
Trust, however, remains conditional. All 28 respondents asked about adoption confidence said regulatory compliance would have a very high impact. Access is also another concern, with 10% of respondents stating that they had been denied a new account or merchant gateway in the previous 12 months.
“Singapore’s results challenge the assumption that a mature payments market works equally well for every business,” said Renna Ba, Director of Operations at Morph. “Stablecoins can widen the routes available, but only if the products around them meet Singapore’s expectations for compliance, visibility and reliable local-currency conversion.”
Regional Stablecoin Perception
Across all five markets, respondents pointed to three recurring payment pain points. High transaction fees and FX markups were the most common, cited by 79%. Some 68% said slow processing had made it harder to manage money coming into the business, and 66% struggled to predict when a cross-border payment would arrive. Overall, 94% said an alternative payment option would be extremely or somewhat valuable as a backup.
Stablecoin use, however, remains limited. Only 10% of the 149 respondents familiar with stablecoins were currently using them; Singapore’s 17% sits above that regional figure.
Respondents were nonetheless optimistic. Among 123 respondents using or considering stablecoins, 88% expected lower FX markups, hidden fees and cost leakage, and the same share expected faster, round-the-clock access to capital. Another 87% expected better real-time payment tracking.
Overall Takeaways
The survey points to strong intent but limited live use. Singapore leads the five markets on active pipeline, but they tie confidence firmly to regulatory compliance. The small number of Singapore respondents denied an account or merchant gateway shows that even a mature payments market may leave some businesses excluded at the point of access.
Read the report here.
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