Tiger Research: Asia's stablecoin market a battleground for digital sovereignty

The central question in Asia's stablecoin market is whether national currencies can maintain their place in the future of digital payments, making the region a strategic battleground, according to a 'State of the Asian Stablecoin Market in 2026' report from Tiger Research, an Asian Web3 research and consulting firm. The report notes that the stablecoin market has grown at an average annual rate of approximately 750% since 2018, with the total market capitalization nearing $300 billion as of February 2026. However, about 99% of this market is dominated by U.S. dollar-pegged stablecoins. In response, various Asian nations are issuing stablecoins based on their own currencies to bolster their monetary competitiveness and economic security. Key developments by country include: - Singapore has legalized stablecoins. - Hong Kong brought them under a regulatory framework in August 2025. - Japan was the first to begin legislating the scope of permissible issuers. - South Korea lacks a dedicated law, but activity outside the regulatory sphere has already started. - China has banned all private stablecoins, opting instead for a strategy centered on its central bank-issued digital yuan (e-CNY).