On Day 1 of Malaysia Blockchain Week 2025, an engaging panel titled “Role of Stablecoins in Modern Financial Systems” brought together leading voices in the industry to discuss how these digital assets are reshaping payments, cross‑border trade and financial inclusion across Asia.
The session featured Ko‑Wei Tseng, Asia Ecosystem BD Lead at IOTA Foundation; Gunnar Jaerv, Chief Operating Officer at First Digital; and Eddy Christian Ng, Expansion Lead SEA at Tether. Each shared insights on why stablecoins are moving from niche tools to mainstream financial instruments, highlighting developments in various Asian markets.
“Stablecoins have been in the industry for years – now is the time for them to become mainstream. They are going to play a key role in this era,” said Eddy. He pointed out that countries like India and South Korea are racing to create regulatory frameworks to ensure they do not miss out on the next wave of digital finance.”
In Japan, a legal framework for stablecoins came into force in mid‑2023, paving the way for licensed banks to issue yen‑pegged coins. Meanwhile, Hong Kong launched its own stablecoin regulatory guidelines in 2024, encouraging pilots in trade settlement and tokenised deposits
Ko‑Wei highlighted how stablecoins could unlock new efficiencies in foreign exchange across Southeast Asia. “If there’s enough stablecoin liquidity in Singapore dollars and Malaysian ringgit, people can make exchanges more seamlessly and even enjoy better FX rates,” he explained. He also noted that stablecoin mechanisms can distribute yields back to users, creating new possibilities for decentralized finance products.
Gunnar, whose company launched a stablecoin two years ago, stressed that Asia’s fragmented payment systems present both a challenge and an opportunity. “In Asia you are limited by borders – nothing has been there to connect. Our vision is to be that payment bridge.” He likened stablecoins to a technological leap: “All countries had landlines and then jumped straight to wireless; stablecoins are like the cellphone for payments.”
The panellists agreed that while Asia is ahead in infrastructure and experimentation, real‑world adoption depends on use cases. Gunnar pointed to South Korea’s early embrace of crypto infrastructure, which laid the groundwork for innovative payment tools, while Eddy cited Tether’s work in Indonesia, where exporters, importers and migrant workers are increasingly experimenting with digital dollars.
“We’re trying to connect the dots in Southeast Asia and educate people on stablecoin adoption,” Eddy added. “For example, helping motorcycle riders in rural economies earn more through Tether shows how stablecoins can make a difference for the unbanked.”
As the discussion wrapped up, one message was clear: Asia is not just ready for stablecoins—it is actively leading their evolution, with countries across the region experimenting, regulating, and deploying them in real‑world scenarios. Malaysia Blockchain Week 2025 continues through the week with more sessions exploring how blockchain innovation is transforming regional and global finance.