Asia’s Quiet Revolution: Building a Regional Stablecoin Empire to Challenge Dollar Dominance
Asia is accelerating its push for financial sovereignty with regulated local-currency stablecoins, while Western markets remain preoccupied with domestic crypto legislation. Hong Kong's landmark Stablecoins Ordinance, effective August 2025, mandates strict licensing for HKD-pegged tokens—a blueprint likely to spread across Seoul, Tokyo, and Singapore.
The era of unchallenged dollar stablecoin supremacy is ending. Tether's USDT and Circle's USDC now face structural competition from Asian alternatives designed for regional commerce and remittances. Unlike speculative crypto assets, these government-backed initiatives represent concrete regulatory shifts with lasting implications for global liquidity flows.