Did You Know?
Stablecoins in Asia are changing global finance, they mark significant strides in reducing the region's reliance on the U.S. dollar.
Here are some fascinating facts about this trend 👇
2/4 Local Currency-Backed Stablecoins
🔸Thailand and China: Both countries are actively promoting stablecoins pegged to their local currencies. Thailand has approved its first cross-border payment solution using stablecoins, while China has Tether CNHt, which is pegged to the offshore Chinese Yuan (CNH), facilitating international trade without the volatility associated with exchange rates.
🔹Indonesia and Singapore: Indonesia's Rupiah Token (IDRT) and Singapore's XSGD are examples of stablecoins linked to local currencies, enhancing monetary sovereignty and financial inclusion.
3/4 Regulatory Frameworks for Mainstream Adoption
🔸Hong Kong and Singapore: These financial hubs are leading the way in regulating stablecoins. Hong Kong is developing regulations focused on fiat-backed stablecoins to mitigate risks and promote investor protection, while Singapore has finalized a framework to ensure high stability for stablecoins pegged to the Singapore Dollar or G10 currencies.
🔹Japan's Proactive Stance: Japan has established a clear regulatory foundation under its Payment Services Act, providing guidelines for stablecoin issuance and operation.
4/4 Asia's Dominance in Stablecoin Transactions
🔸80% of Global Transactions: Asia accounts for an impressive 80% of global stablecoin transactions, underscoring the region's pivotal role in the stablecoin ecosystem.
🔹Benefits of Stablecoins: Stablecoins offer several advantages, including cost efficiency, enhanced financial inclusion, and reduced reliance on foreign currencies. They enable faster and cheaper cross-border payments, streamlining trade and fostering regional economic cooperation.
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