US Treasury Secretary Scott Bessent praised Singapore’s initiatives in stablecoins and digital asset integration during a meeting with Prime Minister Lawrence Wong on Friday. This meeting took place during the APEC 2025 summit in Gyeongju, South Korea, where international leaders convened to tackle issues like global economic growth, energy safety, and technological advancements.

Bessent mentioned how through collective efforts with APEC nations, the US is witnessing unprecedented investments in advanced manufacturing and tech sectors.

APEC, established in 1989, connects 21 member economies to foster sustainable growth and cooperation across the Asia-Pacific.

Bessent’s comments follow his travels across Asia with US President Donald Trump, which included visits to Malaysia, Japan, and South Korea.

Singapore’s Leadership in Digital Assets

Despite having a population of only 5.9 million, Singapore has positioned itself as a pivotal center for digital asset innovation and adoption. According to a report by ApeX Protocol from December 2024, Singapore issued double the cryptocurrency licenses in 2024 compared to the previous year, asserting itself as a leader in Web3 employment and blockchain-related patents.

While fostering innovation, the Monetary Authority of Singapore has also implemented regulations, mandating crypto firms that operate abroad to obtain licenses or vacate the region.

Recent findings also suggest that Singapore is the globe’s most ‘crypto-obsessed’ nation, with nearly one-fourth of its residents owning digital assets, and it frequently leads worldwide in crypto-related search queries.

In October, Singapore hosted Token2049, a significant crypto conference recognized globally.