评估亚太地区稳定币的现状-Assessing the lie of the land for Stablecoins in Asia-Pacific

Summary of the Conference Call on Stablecoins in Asia-Pacific Industry Overview - The report focuses on the evolving landscape of stablecoins in the Asia-Pacific region, particularly in light of the GENIUS Act passed in July 2025 and recent stablecoin IPOs in the US [1][2] - Many Asia-Pacific countries are considering the introduction of local currency stablecoins, but the regulatory framework is still in development [1][2] Key Insights - Regulatory Landscape: The regulatory environment for stablecoins is rapidly evolving, with countries like Singapore, Australia, and Japan already having frameworks in place for stablecoin issuance [11][20] - Adoption Potential: Korea, Singapore, and Hong Kong are identified as having the highest potential for stablecoin adoption due to their familiarity with crypto and high cashless payment rates [3][10] - Market Size: The USD-denominated stablecoin market cap is approximately $300 billion, while Asia currency-based stablecoin market cap is only around $49 million, indicating significant room for growth [9] Opportunities and Challenges - Cross-Border Payments: Stablecoins present a natural opportunity for cross-border payments, with potential transaction cost reductions of 60-80% compared to traditional systems [29] - Corporate Interest: Corporates are beginning to shift their focus towards stablecoins, with some already signing agreements for stablecoin transactions [2][40] - Financial Institutions' Response: Local banks are becoming increasingly aware of the risks posed by stablecoins, particularly regarding FX commissions and trade finance earnings [40] Regulatory Developments - Australia: The RBA is exploring the role of stablecoins through Project Acadia, focusing on the development of a Central Bank Digital Currency (CBDC) [17] - Korea: The Bank of Korea emphasizes the need for traditional banks to lead stablecoin initiatives to ensure monetary policy efficacy [17] - Hong Kong: The Stablecoins Ordinance requires a license for stablecoin issuance, with 36 applications received by the HKMA as of September 2025 [17] - China: The PBOC maintains a cautious stance towards stablecoins, focusing on the promotion of the digital yuan instead [18] Market Dynamics - Demographics: Countries with a higher share of younger populations and foreign workers are expected to drive demand for stablecoins, particularly for cross-border remittances [10][11] - Technological Adoption: Advanced digitization in Asia, characterized by a young population of "digital natives," supports higher adoption rates for stablecoins [6] Financial Institutions' Initiatives - Financial institutions are adapting to the changing landscape by exploring partnerships and developing blockchain-based solutions for stablecoin transactions [63] - Examples include POSCO International's collaboration with JPMorgan Kinexys for a blockchain-based global payment system and Mitsubishi Corporation's plans to use JPY-pegged stablecoin for internal payments [45] Conclusion - The stablecoin ecosystem in Asia-Pacific is still in its early stages, but the potential for growth is significant as regulatory frameworks develop and corporates begin to adopt these digital currencies [1][2][9]