Asia is quietly building a counterweight to the dollar stablecoin empire, and the West isn’t ready

The global stablecoin landscape is shifting from US dollar dominance to a multipolar system, with Asia leading the charge in building regulated, local currency-pegged stablecoins. Key hubs like Hong Kong (with its new Stablecoins Ordinance), South Korea, Japan, and Singapore are creating frameworks for regional commerce and financial sovereignty, aiming to reduce reliance on US-centric banking rails. Global firms recognize that a USD-only offering alienates local regulators and limits growth in Asia. This movement is strategic, focusing on interoperable, multi-currency settlement layers rather than just domestic regulation, as seen in the US. Europe's move with Qivalis is framed as a reaction to this Asian acceleration. The author argues that stablecoins are becoming 'state-adjacent' tools, and Asia is gaining a significant lead in establishing the rules for future digital money rails, potentially diminishing dollar dominance.

(Source：CryptoSlate)