Asia-Pacific stablecoins

Overview

Asia Pacific is the region where regulation arrived ahead of scale. Singapore, Japan and the Philippines each built a framework and then licensed or supervised issuers under it, and the coins here are correspondingly small in supply but unusually well documented. That combination is rare enough on this map to be the reason the region is worth reading closely.

The practical consequence is that a reader comparing an Asia Pacific coin to a global dollar coin on size alone will draw the wrong conclusion. The yen and Singapore dollar coins here publish more, and more checkably, than most coins many times their size.

Sources: StraitsX XSGD, Coins.ph PHPC whitepaper

Market structure

The yen carries the widest issuer field in the region, and the issuers are unusually varied: JPYC and GMO-Z.com Trust Company come from opposite ends of the market, SBI Shinsei Trust brings a trust bank structure to JPYSC, and CJPY and JPYm sit on the protocol side. Trust structures appear more often here than anywhere else on the map.

Singapore is the smallest market by coin count and the strongest by documentation. XSGD publishes a signed reserve report on a stated twice monthly cadence, which is dense enough that a missed report is countable rather than merely suspected.

The Philippines is the region's clearest example of a coin moving through a supervisory process rather than around one: PHPC entered the Bangko Sentral ng Pilipinas sandbox and then exited it. The Australian dollar field is the region's most crowded relative to its size, and the Indonesian rupiah, Malaysian ringgit and offshore renminbi each carry a single coin.

Sources: XSGD SCS Reserve Account Report, 31 May 2026, Coins.ph: BSP grants approval to pilot PHPC, BitPinas: PHPC exits the BSP regulatory sandbox

Regulation

Two supervisory stories on this page can be followed in primary documents rather than in press coverage.

In Singapore, the issuer of XSGD and the accounting firm that signs its reserve reports both describe compliance with the Monetary Authority of Singapore's framework for single currency stablecoins, and the reserve report itself lists the requirements the company asserts it satisfies. DIA has not retrieved the MAS register entry for that issuer, so the licence class is reported here as asserted by the issuer rather than confirmed against the register. That is a deliberate distinction and it applies across this map.

In the Philippines, Coins.ph received approval from the Bangko Sentral ng Pilipinas to pilot PHPC and subsequently exited the sandbox. A sandbox exit is a real supervisory milestone and it is also not a reserve examination, so it moves nothing about how the coin's backing is rated here.

Sources: XSGD SCS Reserve Account Report, 31 May 2026, StraitsX XSGD whitepaper V1.1, Coins.ph: BSP grants approval to pilot PHPC

What this map tracks

XSGD is the clearest demonstration on this map of why an independent read matters. The issuer publishes a per chain breakdown alongside an attested total, which makes the coin checkable in a way most are not. A widely used aggregator reported roughly forty percent below the attested figure when both were read on 2026-07-30, so a reader working from that aggregator would have concluded the coin was far smaller than its own issuer attests.

The supply panel on the XSGD page is a separate quantity and a smaller one, because DIA reads fewer chains than the issuer enumerates. The issuer's own reserve report attests against ten chains and the panel renders four of them. Where a page reads fewer chains than a coin is deployed to, the figure is a floor and the page says so rather than presenting it as a total.

For the rest of the region, DIA reads supply from contract state on the chains it indexes rather than accepting a single headline number. Where a coin's contracts cannot be read, no supply figure is shown for it, which is a statement about our coverage rather than about the coin.

Sources: XSGD SCS Reserve Account Report, 31 May 2026, StraitsX XSGD, CoinGecko, XSGD

Common questions