Analyst – Healthcare and Lifescience COE

👩‍🍳 How we use AI at Tech in Asia, thoughtfully and responsibly.🧔‍♂️ A friendly human may check it before it goes live. More news hereEthereum hit a record US$908 billion in on-chain stablecoin transactions in April 2025, showing growing adoption in finance.The USD Coin (USDC) led this growth, with transaction volumes exceeding US$500 billion over the past six months.Other stablecoins, including DAI and USDS, also showed significant activity, indicating a diversification in the stablecoin market.Corporate players like Meta and Stripe are now exploring or launching stablecoin-based payment solutions.Despite competition, Ethereum remains the top blockchain for stablecoin use, driven by rising volumes and corporate interest.🔗 Source: The Block🧠 Food for thought1️⃣ Stablecoins transform from trading tools to financial infrastructureThe record Ethereum volume reflects a broader evolution in how stablecoins are used across the financial landscape.Stablecoins began primarily as trading vehicles in 2015 with Tether but have grown into essential financial infrastructure with transaction volumes that surpassed $5.5 trillion in 2024, exceeding even Visa and Mastercard’s combined volumes 1.This represents remarkable growth, with average stablecoin supply increasing approximately 28% year-over-year and total transfer volume reaching $27.6 trillion in 2024 2.Weekend transaction volumes for stablecoins significantly exceed weekday volumes, indicating their growing importance beyond traditional banking hours and use cases 3.The surge in USDC volume on Ethereum cited in the original article is part of this larger transformation, as stablecoins evolve from crypto-specific tools to mainstream financial instruments with applications in cross-border payments, remittances, and everyday transactions.2️⃣ Intensifying blockchain competition for stablecoin market shareEthereum’s record $908 billion in stablecoin volume comes amid fierce competition between blockchains to capture this lucrative market.As of September 2024, Ethereum commanded the largest share of stablecoins with $84.6 billion (49.1% market share), followed by Tron with $59.8 billion (34.8%), with these two networks alone accounting for 83.9% of the total stablecoin supply 4.However, newer networks are rapidly gaining ground, with Coinbase’s Base experiencing growth of 1,941.5% in stablecoin supply in 2024, reaching a market share of 2.1% 4.Base even briefly overtook all other chains in stablecoin transaction volume on October 26, 2024, capturing 30.06% of the total market 5.This competitive landscape explains why Ethereum’s continued dominance in stablecoin transactions is particularly noteworthy, as it maintains its leadership position despite significant challenges from alternative networks.3️⃣ Institutional adoption driving stablecoin market expansionThe surge in Ethereum stablecoin volume coincides with accelerating institutional involvement that extends far beyond Meta and Stripe’s recent announcements.Major financial institutions including Standard Chartered and PayPal have entered the stablecoin market, signaling growing mainstream acceptance 2.Stablecoin issuers have become significant holders of US Treasury securities, demonstrating their increasing integration with traditional finance and providing additional legitimacy to the sector 6.Monthly stablecoin transfers on Ethereum alone increased dramatically from $1.9 trillion in February 2024 to $4.1 trillion in February 2025, reflecting both institutional and retail adoption 7.The appeal for these institutions lies in stablecoins’ ability to facilitate international money transfers in seconds at lower costs, particularly for cross-border payments and remittances, where traditional banking systems remain slow and expensive 8.The increasing regulatory clarity around stablecoins, with the U.S. government advancing legislation to provide clearer guidelines for issuers, has further accelerated institutional comfort with these digital assets 7

A new survey by Bain Company has provided a useful picture of both the legal world’s engagement with genAI and that of the wider market. Overall, across all business segments, genAI spending approximately doubled in 2024, going from on average $5.1m to $10.3m in the ten months from February to the end of the year.At the same time, Bain found that 34% of the legal sector in the US had ‘adopted’ genAI in some way by December 2024. And one can be sure that figure is already higher by May 2025. Plus, it was notably higher than the 2023 level as well. Moreover, across all businesses where they brought in AI tools for a task around 80% were satisfied that the goals had been met – which is good to see.And it also found, perhaps as expected, that the sector using AI the most is software development, where numerous stories in the wider press have covered how junior coding roles are being replaced with genAI capabilities. For example, Mark Zuckerberg said this month he’d like to see AI do ‘half of Meta’s coding’ by 2026, which is just seven months away from now.When you compare all of this with the intentional uptake of the first wave of NLP / ML tools, then it shows a very different picture

👩‍🍳 How we use AI at Tech in Asia, thoughtfully and responsibly.🧔‍♂️ A friendly human may check it before it goes live. More news hereJD.com, a leading Chinese ecommerce company, reported quarterly revenue of 301.08 billion yuan (US$41.82 billion) for the period ending March 31, 2025.This figure represents a 15.8% increase from the previous year, surpassing analysts’ estimates of 289.22 billion yuan (US$40.49 billion), according to data from LSEG.The company attributed its revenue growth to sustained consumer demand despite economic difficulties in China.To attract consumers, JD.com has implemented significant discounts and price cuts, aided by government subsidies.🔗 Source: Reuters🧠 Food for thought1️⃣ China’s e-commerce growth defies economic headwinds through aggressive diversificationJD.com’s 15.8% revenue growth amid economic challenges showcases how Chinese e-commerce platforms have maintained momentum despite persistent property sector crises and unemployment issues.This resilience follows historical patterns from Singles Day sales, which reached 410 billion renminbi ($58 billion) in 2019, showing a 31% year-over-year increase and exceeding combined Cyber Monday and Black Friday sales in the U.S 1.Chinese online retailers have consistently expanded beyond their core offerings to maintain growth. JD.com’s entry into food delivery and new brand partnerships with Crocs and Massimo Dutti reflects this strategy.The diversification approach helps counterbalance China’s consumer spending fluctuations, which dropped 1.56% in 2022 to $6.686 trillion after years of consistent growth 2.This strategic expansion aligns with projected long-term consumption growth of 6% annually, expected to reach RMB 56 trillion ($8.2 trillion) by 2027 3.2️⃣ Shifting from price wars to quality experiences as consumer priorities evolveJD.com’s increased marketing and fulfillment expenses reflect a broader industry shift beyond pure discount competition toward enhancing customer experience.The evolution directly responds to changing consumer behavior, as 60% of Chinese consumers now trust peer recommendations, and 90% belong to online communities that influence purchasing decisions 4.Chinese consumer demographics have fundamentally transformed. A decade ago, 92% of urban Chinese had disposable incomes below 140,000 renminbi, while today half earn between 140,000-300,000 renminbi, enabling discretionary spending on premium experiences 1.The middle class now dominates purchasing decisions, expected to represent 65% of households by 2027, with distinct preferences for quality and convenience over mere pricing 3.E-commerce platforms must now balance competitive pricing with differentiated experiences, as younger Chinese consumers consistently demonstrate less price sensitivity while demanding higher quality and convenience 3.3️⃣ Regional consumer differences create complex market challengesJD.com’s performance demonstrates how successful e-commerce players must navigate significant bifurcation in Chinese consumer behavior across different city tiers.Research shows lower-tier city consumers tend to spend more freely, while consumers in higher-tier cities exhibit increasing caution due to economic pressures and rising living costs 1.This regional complexity is further shaped by urbanization trends, with projections showing urban populations will reach 70% by 2027, creating economic clusters rather than just megacities 3.Urban consumers currently drive over 60% of GDP growth, creating significantly different spending patterns compared to rural areas with more limited income and purchasing power 1.Companies must increasingly develop regionally targeted strategies rather than treating China as a monolithic market, particularly as transportation and technology advances create more nuanced economic development patterns across different regions 3.Recent JD.com developments