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BTCC / BTCC Square / Global Cryptocurrency /
Asia’s Non-USD Stablecoin Surge: Japan and Korea Forge Path for Local Currency Alternatives

Asia’s Non-USD Stablecoin Surge: Japan and Korea Forge Path for Local Currency Alternatives

Author:
Global Cryptocurrency
Published:
2026-01-02 15:33:01
12
2
BTCCSquare news:

Asia's financial landscape is quietly shifting beneath the dominance of dollar-pegged stablecoins. While USD-backed tokens still command 61% of the $306.7 billion on-chain liquidity market, 2025 saw Japan and South Korea emerge as pioneers in local-currency digital assets.

Japan's megabanks—MUFG, SMBC, and Mizuho—initiated pilot programs for yen-denominated stablecoins and tokenized deposits, later endorsed by the Financial Services Agency. Fintech firm JPYC launched the country's first regulated yen stablecoin, while SBI Holdings partnered with Startale on blockchain infrastructure.

South Korea mirrored this momentum, though India's rupee-backed stablecoin project remains delayed until 2026. The region's moves signal a strategic divergence from dollar hegemony, with private-sector adoption now testing whether non-USD stablecoins can transition from policy experiments to viable alternatives.

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