US Treasury Secretary praises Singapore’s digital asset adoption at APEC

US Treasury Secretary Scott Bessent praised Singapore’s leadership in stablecoin and digital asset adoption during a meeting with Prime Minister Lawrence Wong on Friday, according to an official readout from the US Department of the Treasury. 

The discussion was held at the Asia-Pacific Economic Cooperation (APEC) 2025 summit in Gyeongju, South Korea, where world leaders are meeting to discuss global growth, energy security and technology.

Bessent also told APEC leaders during the Economic Leaders’ Informal Dialogue that through their work with APEC economies, the US is “seeing record levels of capital being invested into advanced manufacturing and technology sectors.” 

APEC is an annual forum founded in 1989 that brings together 21 member economies to promote sustainable growth and economic cooperation across the Asia-Pacific region.

Bessent’s remarks come as he has been traveling across Asia alongside US President Donald Trump, making stops in Malaysia, Japan and South Korea.

Related: Basel Committee reviews bank crypto-asset rules amid stablecoin surge: Report

Singapore leads in crypto adoption

With a population of just 5.9 million, Singapore has evolved into one of the world’s most influential hubs for digital asset adoption and innovation.

A December 2024 report by ApeX Protocol found that Singapore granted twice as many cryptocurrency licenses in 2024 as it did the previous year. The study also identified the city-state as a global leader in Web3 employment, the number of registered crypto exchanges and blockchain-related patent filings.

While taking an innovative stance on crypto, the country has also been enforcing regulations. A directive from the Monetary Authority of Singapore (MAS) on May 30 told crypto companies offering services abroad to get licensed or leave the country.