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Asia surpasses the West in on-chain retail adoption as regional centers advance stablecoin regulations.
Experts at Consensus Hong Kong indicated that regional emphasis on user utility and stablecoin regulation is fostering adoption.
The Unseen Playbook panel at Consensus Hong Kong (CoinDesk)
What to know:
- Diverse regional approaches throughout Asia are propelling real-world utility via digital payments and enterprise initiatives.
- Clarity in regulations in Hong Kong and the United Arab Emirates has established these locations as leading global trade centers.
- Stablecoins are addressing fragmented payment systems and significant currency risks for small enterprises in developing markets.
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Hong Kong — Asia is advancing faster than Western markets in the uptake of onchain financial services, motivated by a focus on user utility and proactive regulation. While Western markets continue to concentrate on institutional asset management, Asian markets emphasize high-frequency retail solutions and cross-border trading.
During a panel at Consensus Hong Kong, industry experts underscored how unique regional factors influence blockchain development. Suhan Zhao, head of APAC at Aptos Labs, remarked on a notable trend towards practical applications. "In Asia, there is substantial use of digital payments, and there is a strong readiness to implement new technologies at scale," Zhao stated. She referenced South Korea’s Lotte Group, which launched over 5 million mobile service vouchers on the Aptos network, achieving 1.3 million users in less than three months.
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Regulatory advancements serve as a crucial driver of this expansion. Niki Ariyasinghe, vice president for Asia Pacific and Middle East at Chainlink Labs, recognized Hong Kong and the United Arab Emirates as the most developed markets for stablecoin regulation. He stated that the adoption of stablecoins in Asia frequently arises from a basic need for efficiency rather than speculation. "Ultimately, it’s a readiness to utilize a new payment method due to the value it provides. Ultimately, it’s more economical, faster, or more convenient at the end of the day," Ariyasinghe explained.
Small enterprises involved in international trade constitute a significant demographic for these digital currencies. These businesses utilize stablecoins to navigate a fragmented conventional payment system that often requires days for settlement. Nick See Tong, APAC regional head for Base, highlighted that local stablecoins are vital for widespread market adoption. "A merchant selling wonton mee on the side is not going to accept USDT, USDC or any USD stablecoin. They want Hong Kong dollars," See Tong remarked.
