ASEAN Stablecoins: USD vs Local-Currency
Beta- 98.91% of stablecoin market cap is USD-pegged ($294.12B of $297.36B).
- Non-USD fiat stablecoins are 0.57% ($1.68B), led by EUR, RUB, JPY.
- ASEAN-currency stablecoins that trade total $14.88M (0.0050% of the market); XSGD is the largest.
- Bank Negara Malaysia and the Bank of Thailand joined MAS's BLOOM cross-border settlement initiative as policymaker members on 23 Oct 2026.
A stablecoin is a token that tracks one unit of a reference currency. Almost all of them track the US dollar; this page measures how much does not, and tracks the Singapore dollar, Malaysian ringgit and Indonesian rupiah stablecoins that CoinGecko lists with live market data. Below that: how regulation has moved in seven ASEAN countries, how stablecoins differ from tokenized deposits and CBDCs, and who is in BLOOM.
USD vs non-USD stablecoin dominance
Live split of CoinGecko's stablecoin market cap by peg currency. "Other" is what no per-currency category covers (commodity-backed and unclassified tokens, including MYRC, which has no MYR category yet).
| EUR | $799.47M | 0.269% |
| RUB* | $475.37M | 0.160% |
| JPY | $296.66M | 0.100% |
| CHF | $47.49M | 0.016% |
| GBP | $26.6M | 0.009% |
| AUD | $13.72M | 0.005% |
| SGD | $12.56M | 0.004% |
| CNY | $4.77M | 0.002% |
| TRY | $2.96M | <0.001% |
| IDR | $1.03M | <0.001% |
| KRW | $854.2K | <0.001% |
| MXN | $773.99K | <0.001% |
* RUB: mostly A7A5, a token subject to sanctions in several jurisdictions.
Non-USD fiat share, by month
Sum of each currency category's coins ÷ sum of every coin in the stablecoins category, end of month (current month to date). Covers EUR, GBP, JPY, KRW, SGD, AUD, CHF, CNY, IDR, RUB.
Excludes TRY and MXN, so it can differ slightly from the live split above.
Non-USD fiat went from 0.489% of stablecoin market cap in 2026-01 to 0.573% in 2026-10 ($1.49B → $1.75B).
ASEAN local-currency stablecoin tracker
Every SGD, MYR, THB, IDR, PHP, VND and KHR stablecoin that CoinGecko lists with live market data. No THB, PHP, VND or KHR token qualifies today (PHPC is preview-listed only; VNDC reports no market cap). Peg column is the live price in the token's own currency.
| Stablecoin | Country · peg | Issuer | Peg | Market cap | 24h volume | Chains | Regulatory status |
|---|---|---|---|---|---|---|---|
 XSGDXSGD | Singapore · 1 SGD | StraitsX | 0.9984 SGD(-0.16%) | $12.56M | $641.41K |          Contracts
| StraitsX SGD Issuance Pte. Ltd. holds a Major Payment Institution licence from MAS, following MAS In-Principle Approval to issue XSGD as a single-currency stablecoin (16 Nov 2023). Fintech News Singapore · StraitsX (IPA) |
 IDRTRupiah Token | Indonesia · 1 IDR | Rupiah Token | 0.9809 IDRstale — no trades | $9.43M | $0 No reported trading |   Contracts
| No public source found |
 MYRCBlox MYRC | Malaysia · 1 MYR | BLOX | 0.9961 MYR(-0.39%) | $1.29M | $32.42K | *Contracts
| Not licensed as a stablecoin issuer: the Securities Commission Malaysia referred BLOX to Bank Negara Malaysia, and BLOX describes MYRC as in an exploratory beta phase (The Edge Malaysia, Dec 2025). In Aug 2026 BLOX said it "currently operates outside a specific regulatory framework in Malaysia" while engaging regulators. The Edge Malaysia · Dealroom |
 IDRXIDRX | Indonesia · 1 IDR | PT IDRX Indo Inovasi | 1.0030 IDR(+0.30%) | $1.03M | $20.57K |     Contracts
| The issuer calls IDRX "a regulated digital asset" but does not name a regulator or licence on its site. IDRX |
Contracts marked "issuer" were checked against the issuer's own page; "CoinGecko" means the issuer publishes no address list. * = chain named by the issuer with no verifiable contract. Tokens with no reported 24h trading are listed but left out of the ASEAN total. Regulatory notes describe the cited source as of its date and are not legal advice.
On-chain holders and DEX activity, per chain
Holder counts are per contract, per chain, from GeckoTerminal, so a token's total is a sum across chains, not unique wallets. 24h DEX volume is GeckoTerminal's aggregate across each token's pools on that chain. Snapshot as of 2026-10-24, refreshed daily.
Holders: ASEAN stablecoins vs USD majors
USDT has about 2,318× as many holders as XSGD on the chains GeckoTerminal counts. USDT is counted on only 4 chains (Tron, CELO, Aptos excluded), so this understates its lead.
| Token | Holders (sum) | Chains counted |
|---|---|---|
| XSGD | 9,942 | 6 (+3 n/a) |
| IDRT | 18,774 | 3 (+1 n/a) |
| MYRC | 1,158 | 3 (+1 n/a) |
| IDRX | 17,276 | 5 (+3 n/a) |
| USDT | 23,048,902 | 4 (+3 n/a) |
| USDC | 45,770,037 | 10 (+4 n/a) |
ASEAN stablecoins by chain
| Token | Chain | Holders | 24h DEX volume |
|---|---|---|---|
| XSGD | Polygon | 4,678 | $77.63K |
| XSGD | Ethereum | 2,944 | $175 |
| XSGD | Base | 1,209 | $494.36K |
| XSGD | Avalanche | 750 | $257 |
| XSGD | Solana | 221 | $9.6K |
| XSGD | Arbitrum | 140 | $0 |
| XSGD | XRP Ledger | — | $0 |
| XSGD | Hedera | — | — |
| XSGD | Zilliqa | — | — |
| IDRT | Ethereum | 11,331 | $18 |
| IDRT | BNB Chain | 5,193 | $16 |
| IDRT | Polygon | 2,250 | $115 |
| IDRT | Harmony | — | — |
| MYRC | Arbitrum | 598 | $26.03K |
| MYRC | Solana | 298 | $3.93K |
| MYRC | Base | 262 | $970 |
| MYRC | Ethereum* | — | — |
| IDRX | Polygon | 14,607 | $243 |
| IDRX | Base | 1,982 | $19.92K |
| IDRX | BNB Chain | 498 | $3K |
| IDRX | Solana | 129 | $27 |
| IDRX | World Chain | 60 | $0 |
| IDRX | Gnosis | — | $0 |
| IDRX | Celo | — | $0 |
| IDRX | Kaia | — | — |
ASEAN blockchain, CBDC and stablecoin timeline
Milestones by country, each linked to its source. Checked against the cited pages on 24 Oct 2026. Entries involving several countries appear under each one.
Singapore
- CBDCProject Ubin begins
MAS and industry partners start testing distributed ledgers for clearing and settling payments and securities. Phase 1 ran on a private Ethereum network. MAS · Finextra
- Cross-borderProject Dunbar results
The BIS Innovation Hub, Reserve Bank of Australia, Bank Negara Malaysia, MAS and South African Reserve Bank show that banks can settle directly with each other in several central bank digital currencies on one shared platform. Prototypes were built on Corda and Partior. MAS
- TokenizationProject Guardian's first live trade
J.P. Morgan, DBS and SBI Digital Asset Holdings trade tokenized Singapore dollar and Japanese yen deposits on Polygon, using modified Aave smart contracts in a permissioned pool. Cointelegraph · Aave
- RegulationMAS finalises its stablecoin framework
Covers single-currency stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore. Issuers must hold qualifying reserves and redeem at par within five business days. Compliant tokens can be labelled "MAS-regulated stablecoins". MAS
- Cross-borderMAS launches BLOOM
A MAS initiative with industry to settle payments in tokenized bank liabilities and well-regulated stablecoins, across G10 and Asian currencies. MAS
- StablecoinRipple tests RLUSD for trade finance in MAS's BLOOM initiative
With supply-chain finance firm Unloq, cross-border trade payments in RLUSD on the XRP Ledger are released automatically once conditions such as shipment verification are met. CoinDesk
- TokenizationMaybank and Yinson: tokenized deposits with on-chain MYR→SGD
The first transaction to combine tokenized deposits, an on-chain ringgit-to-Singapore-dollar FX conversion and a cross-border payment, on a permissioned blockchain. The Asian Banker
- RegulationMAS consults on Payment Services Act changes for stablecoins
Proposed amendments set out how stablecoin issuers can become MAS-regulated and the safeguards they must meet. Consultation closed 16 Oct 2026. MAS
- Cross-borderBank Negara Malaysia and Bank of Thailand join BLOOM
Both join MAS as policymaker members, working with industry on shared approaches to accepting, exchanging and settling digital money across borders. Eight new industry members and the World Bank Group also join. MAS, 23 Oct 2026 · Cointelegraph
Malaysia
- Cross-borderMaybank–Bakong cross-border funds transfer
Maybank and the National Bank of Cambodia launch real-time transfers from Malaysia to Cambodia via Maybank's MAE app and NBC's Bakong e-wallet. Maybank · The Edge Malaysia
- Cross-borderProject Dunbar results
The BIS Innovation Hub, Reserve Bank of Australia, Bank Negara Malaysia, MAS and South African Reserve Bank show that banks can settle directly with each other in several central bank digital currencies on one shared platform. Prototypes were built on Corda and Partior. MAS
- RegulationBNM launches the Digital Asset Innovation Hub
Bank Negara Malaysia's hub for testing digital-asset use cases, including ringgit stablecoins and tokenized deposits. The Edge Malaysia
- StablecoinBNM onboards ringgit stablecoin and tokenized deposit pilots
Three wholesale payment projects: Standard Chartered Malaysia with Capital A on ringgit stablecoins for B2B settlement, and Maybank and CIMB on tokenized deposits. The Block · Fintech News Malaysia
- TokenizationMaybank and Yinson: tokenized deposits with on-chain MYR→SGD
The first transaction to combine tokenized deposits, an on-chain ringgit-to-Singapore-dollar FX conversion and a cross-border payment, on a permissioned blockchain. The Asian Banker
- TokenizationKhazanah's first tokenized sukuk pilot
An RM100 million tokenized sukuk with the Securities Commission Malaysia. CIMB and Maybank were the principal banks; investors included CGC, KWAP and OCBC Bank (Malaysia). Securities Commission Malaysia · The Edge Malaysia
- TokenizationCIMB settles tokenized sukuk with tokenized deposits
CIMB Islamic completed a pilot settling tokenized sukuk using tokenized deposits, as part of BNM's Digital Asset Innovation Hub. The Asian Banker
- Cross-borderBank Negara Malaysia and Bank of Thailand join BLOOM
Both join MAS as policymaker members, working with industry on shared approaches to accepting, exchanging and settling digital money across borders. Eight new industry members and the World Bank Group also join. MAS, 23 Oct 2026 · Cointelegraph
- RegulationPlannedBNM policy clarity on ringgit stablecoins and tokenized deposits
BNM intends to give greater clarity on their use by the end of 2026. The Edge Malaysia
Thailand
- RegulationDigital Asset Businesses Emergency Decree
Thailand's Emergency Decree on Digital Asset Businesses B.E. 2561 sets the legal basis for regulating digital-asset businesses. SEC Thailand
- CBDCProject Inthanon
The Bank of Thailand and eight banks build a wholesale central bank digital currency prototype for interbank transfers on R3's Corda. FinTech Futures
- Cross-borderInthanon-LionRock report
The Bank of Thailand and Hong Kong Monetary Authority publish their study of cross-border CBDC payments: a prototype for peer-to-peer baht–Hong Kong dollar transfers. HKMA
- StablecoinTHBX baht stablecoin pilot
SCB 10X's Rubie Wallet lets visitors convert a USD stablecoin into THBX on Base for QR payments, under the Bank of Thailand and SEC regulatory sandbox. Partners include SCB and Circle. SCB
- RegulationBank of Thailand drafting baht stablecoin rules
The governor says formal rules are expected within 2026 or early 2027, focused on payments and settlement rather than investment. The Star
- RegulationBank of Thailand opens consultation on baht stablecoin rules
Proposes principles for issuers and wallet providers, including full 1:1 baht backing, redemption safeguards, transaction monitoring and a ban on issuers paying interest or returns. crypto.news · ASEAN Now
- Cross-borderBank Negara Malaysia and Bank of Thailand join BLOOM
Both join MAS as policymaker members, working with industry on shared approaches to accepting, exchanging and settling digital money across borders. Eight new industry members and the World Bank Group also join. MAS, 23 Oct 2026 · Cointelegraph
Indonesia
- CBDCProject Garuda white paper
Bank Indonesia publishes its white paper on a digital rupiah. Bank Indonesia
- RegulationCrypto oversight moves to OJK
Bappebti hands regulation of digital financial assets, including crypto, to the Financial Services Authority (OJK), and of money-market and FX derivatives to Bank Indonesia. OJK
Philippines
- CBDCBSP picks Hyperledger Fabric and names pilot banks
Bangko Sentral ng Pilipinas selects Hyperledger Fabric for its Project Agila wholesale CBDC pilot and names the participating banks, working with the IMF and BIS Innovation Hub. CoinGeek · Fintech News Philippines
- CBDCBSP completes Project Agila testing
The BIS cites Bangko Sentral ng Pilipinas as an emerging-market central bank that completed a wholesale CBDC pilot in 2024, referencing BSP's 4 Dec 2024 press release. BIS Papers No 159
- CBDCProject Agila report
The sandbox ran the full token lifecycle, with up to 105,000 transactions a day settling within 5 seconds. BSP says it is not production-ready. NewsBytes.PH
Vietnam
- RegulationLaw on Digital Technology Industry passed
Defines crypto assets in Vietnamese statute for the first time. In force from 1 Jan 2026. Watson Farley & Williams
- RegulationFive-year crypto market pilot
Resolution 05/2025/NQ-CP sets up a regulated pilot (2025–2030) for issuing, trading and supervising crypto assets. Watson Farley & Williams
- RegulationLicensing window opens for crypto exchanges
The State Securities Commission starts accepting applications from digital-asset trading platforms. No licences had been reported as granted when the source was published. Cointelegraph
Cambodia
- PaymentsBakong piloted
The National Bank of Cambodia pilots Bakong, often described as a quasi-CBDC, built on Hyperledger Iroha, a permissioned blockchain. Soramitsu · IBS Intelligence
- PaymentsBakong formally launched
Cambodia's Bakong payment system goes live nationally. Soramitsu
- Cross-borderMaybank–Bakong cross-border funds transfer
Maybank and the National Bank of Cambodia launch real-time transfers from Malaysia to Cambodia via Maybank's MAE app and NBC's Bakong e-wallet. Maybank · The Edge Malaysia
Stablecoin vs tokenized deposit vs CBDC
Three kinds of digital money, and how they differ in who issues them, what backs them, who can hold them and the networks they typically run on. ASEAN examples link to the timeline sources above.
| Stablecoin | Tokenized deposit | CBDC (central bank digital currency) | |
|---|---|---|---|
| Issuer | A private company, licensed in some jurisdictions (e.g. StraitsX for XSGD). | A commercial bank. | The central bank. |
| Backing | Reserve assets held against the tokens in circulation. Under Singapore's framework, reserves must meet composition, custody and audit standards, and holders can redeem at par within five business days. | It is the bank's own deposit liability recorded as a token, so it sits on the bank's balance sheet under normal bank regulation. | A direct liability of the central bank, like cash. |
| Who can hold it | Anyone with a compatible wallet, once issued. Minting and redeeming with the issuer usually needs KYC. | The issuing bank's customers. ASEAN pilots so far are corporate and wholesale. | Wholesale CBDCs: banks and financial institutions only. Retail CBDCs: the public. |
| Typical network | Mostly public blockchains: XSGD runs on 9 chains, MYRC on Arbitrum, Base and Solana, and THBX on Base. | Usually permissioned: Maybank's MYR→SGD pilot ran on a permissioned blockchain, and Project Guardian used a permissioned pool on public Polygon. | Permissioned ledgers: Corda (Inthanon, Dunbar), Partior (Dunbar), Hyperledger Fabric (Agila), Hyperledger Iroha (Bakong). |
| ASEAN examples | XSGD (SGD), MYRC (MYR), IDRX (IDR), the THBX pilot (THB), RLUSD in MAS's BLOOM initiative. | Maybank–Yinson MYR→SGD (Mar 2026), Maybank and CIMB in BNM's pilots, CIMB tokenized-deposit settlement of tokenized sukuk (Aug 2026), Project Guardian's tokenized SGD/JPY deposits. | Wholesale: Project Inthanon (TH), Project Agila (PH), Project Dunbar (multi-country). National payments: Cambodia's Bakong. |
| Sources | MAS stablecoin framework · SCB (THBX) | The Asian Banker · Fintech News Malaysia | FinTech Futures (Inthanon) · Fintech News Philippines (Agila) · IBS Intelligence (Bakong) |
What is the difference between a stablecoin and a tokenized deposit?
A stablecoin is issued by a private company and backed by reserve assets. It typically circulates on public blockchains and anyone with a wallet can hold it. A tokenized deposit is a commercial bank's own deposit recorded as a token, held by that bank's customers, and usually runs on a permissioned network.
How is a CBDC different from a stablecoin?
A CBDC is issued by the central bank and is its direct liability. A stablecoin is a private issuer's liability backed by reserves. Wholesale CBDCs such as Thailand's Project Inthanon and the Philippines' Project Agila are for banks only and run on permissioned ledgers.
What is BLOOM?
BLOOM (Borderless, Liquid, Open, Online, Multi-currency) is a MAS initiative launched on 16 Oct 2025 to enable settlement in tokenized bank liabilities and well-regulated stablecoins. Bank Negara Malaysia and the Bank of Thailand joined as policymaker members on 23 Oct 2026.
Which ASEAN local-currency stablecoins are tracked on CoinGecko?
As of 24 Oct 2026: XSGD (Singapore dollar), MYRC (Malaysian ringgit), and IDRX and IDRT (Indonesian rupiah). No Thai baht, Philippine peso, Vietnamese dong or Cambodian riel stablecoin is listed with live market data.
BLOOM participants
BLOOM (Borderless, Liquid, Open, Online, Multi-currency) is MAS's initiative, launched 16 Oct 2025, to settle payments in tokenized bank liabilities and well-regulated stablecoins. Participant list from the MAS media release and Annex A, 23 Oct 2026.
Policymaker members
- Monetary Authority of Singapore (MAS)Launched BLOOM, 16 Oct 2025
- Bank Negara Malaysia (BNM)Joined 23 Oct 2026
- Bank of Thailand (BOT)Joined 23 Oct 2026
Industry participants (16 existing, 8 new on 23 Oct 2026)
- AirwallexNEW
- Anchorage Digital
- Ant International
- Circle
- Coinbase
- DBS
- J.P. Morgan
- Kasikornbank
- MastercardNEW
- MaybankNEW
- MoneeNEW
- NiumNEW
- OCBC
- Partior
- RippleNEW
- Schroders
- ShopeePayNEW
- Standard Chartered
- StraitsX
- Stripe
- Temasek
- UOB
- VisaNEW
- Xweave
NEW = first listed by MAS on 23 Oct 2026; Ripple (Mar 2026) and Maybank Singapore (Aug 2026) announced their participation earlier.
Multilateral development banks
- World Bank GroupNEW