APAC’s Digital Currency Strategies Diverge—CBDC vs Stablecoin
APAC jurisdictions are pursuing divergent digital currency paths, focusing on either CBDCs or private stablecoins based on national priorities.Summary
Digital currency strategies across the Asia-Pacific (APAC) region are diverging, with some jurisdictions advancing Central Bank Digital Currencies (CBDCs) while others embrace private stablecoins. Hong Kong concluded its e-HKD pilot, finding it suitable for wholesale financial applications rather than immediate retail use, though preparatory work for retail deployment continues. In contrast, the UAE plans to launch its retail Digital Dirham in late 2025. Japan saw its first regulated yen-pegged stablecoin, JPYC, quickly gain circulation, despite warnings from South Korea's Bank of Korea regarding depegging risks for private stablecoins. South Korea is now anticipating bank-led stablecoin issuance. Meanwhile, Australia's ASIC clarified that stablecoins and related assets are financial products requiring local licenses, granting relief until mid-2026. Singapore operates a hybrid model, supporting both CBDC research and a thriving regulated stablecoin ecosystem like XSGD. These varied approaches reflect differing priorities concerning monetary sovereignty, innovation, and infrastructure maturity.
(Source：BeInCrypto)