Asia-Pacific stablecoins

Overview

Asia Pacific is a region where stablecoin issuers in three markets can be matched to an official register or supervisory decision. In Japan, the Financial Services Agency's register of funds transfer service providers lists JPYC Inc., registered on 18 August 2025. In Singapore, the Monetary Authority of Singapore lists StraitsX SGD Issuance Pte. Ltd., the issuer of XSGD, as a Major Payment Institution. In the Philippines, Coins.ph piloted PHPC under the Bangko Sentral ng Pilipinas Regulatory Sandbox Framework.

The coins here are small in supply against the global dollar coins. A comparison on size alone says nothing about how a coin's reserves are documented.

Sources: Financial Services Agency, register of funds transfer service providers, MAS directory, StraitsX SGD Issuance Pte. Ltd., Coins.ph: BSP grants approval to pilot PHPC, StraitsX XSGD page, reserve attestation reports

Market structure

The yen's issuers differ in structure. JPYC Inc. is a registered funds transfer service provider. SBI Shinsei Trust Bank issues JPYSC as a trust-type stablecoin whose backing assets are managed by the trust bank, launched on 24 June 2026. GMO-Z.com Trust Company, a New York limited purpose trust company, stopped issuing GYEN on 15 May 2026 and commenced voluntary dissolution; direct redemption at par closes on 11 November 2026. CJPY and JPYm sit on the protocol side: they are minted through Yamato Protocol and Mento rather than by a company.

In Singapore, XSGD's reserve reports are dated twice monthly from 2025 onward, on the fifteenth and at month end. The XSGD whitepaper says audits are performed twice a month, and StraitsX describes the cadence as twice monthly, with reporting dates typically covering the 15th and the end of each month.

In the Philippines, PHPC entered the Bangko Sentral ng Pilipinas regulatory sandbox and then exited it. Coins.ph redeemed all PHPC issued during the sandbox phase, and remaining sandbox balances were auto-converted to PHP at 1:1 on 5 July 2025.

Sources: Financial Services Agency, register of funds transfer service providers, SBI Shinsei Trust Bank JPYSC launch release (PR Times), GMO-Z.com Trust Company wind-down notice, StraitsX XSGD page, StraitsX XSGD whitepaper V1.1, Coins.ph: BSP grants approval to pilot PHPC, Coins.ph: PHPC exits the regulatory sandbox, Coins.ph: Convert your PHPC to PHP by July 5

Regulation

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

In Singapore, the Monetary Authority of Singapore lists StraitsX SGD Issuance Pte. Ltd., the issuer of XSGD, as a Major Payment Institution with Digital Payment Token Service as its regulated activity. The issuer's token terms say MAS has acknowledged XSGD as substantively compliant with the upcoming single-currency stablecoin (SCS) regulatory framework; that statement is the issuer's own. The accountant's reserve report states that the company has satisfied four MAS requirements for its reserve assets: approved asset categories, daily mark to market valuation, segregated accounts on trust with permitted custodians, and holdings in the currency XSGD is pegged to.

In the Philippines, Coins.ph received approval from the Bangko Sentral ng Pilipinas to pilot PHPC under the BSP Regulatory Sandbox Framework and subsequently exited the sandbox. Coins.ph's exit announcement says it continues to maintain BSP requirements including public disclosure of PHPC holders, regular progress reporting to the BSP and independent third-party audits. A sandbox exit is a supervisory milestone, and it is not a reserve examination.

Sources: MAS directory, StraitsX SGD Issuance Pte. Ltd., StraitsX token issuers and key terms, StraitsX XSGD page, reserve attestation reports, Coins.ph: BSP grants approval to pilot PHPC, Coins.ph: PHPC exits the regulatory sandbox

Common questions