Global cryptocurrency research specialized media CoinEasy recently reported through a report that stablecoin adoption is spreading in the Asian region, highlighting 'blockchain interoperability' as the key growth factor. The report pointed out that while stablecoins are establishing themselves as infrastructure driving payment innovation and financial inclusion, their sustainability cannot be guaranteed without a systematic and secure cross-chain interconnection structure.
The growth of stablecoisins notable. From February 2024 to February 2025, the total issuance increased by 63% to $225 billion, and the number of active wallets expanded by 53% year-on-year to 30 million. During the same period, monthly transfer volume grew 2.2 times to nearly $4.1 trillion, with over 60% of transactions centered on institutions. According to CoinEasy Research, this means stablecoins are being adopted as practical financial tools for corporate foreign exchange hedging and overseas invoice payments.
However, despite this growth, the vast majority of stablecoins have a structural limitation of being dollar-based. As of February 2025,,7% ststabletocopegged to dollar recently, the of currency-stbasedins based on euros, dirhams, and Singapore dollars, approaches to operability currency sovereignty' are increasing. In the Middle East, Tether's dirham stablecoin is prominent, while in Europe, the euro stablecoin market has grown to $280 million under the MiCA regulation.
Stablecoin strategies in Asian countries vary. Singapore operates successful currency stablecoins like XSGD based on MAS�'s regulation requiring 100% reserves, with Standard Chartered Bank managing reserves to enhance market confidence. Hong Kong is experimenting with the UDPN project interoperable with CBDC, and Korea continues a cautious stance after the Terra incident, but USDT already accounts for 8.3% of total transactions, with retail spread accelerating. In contrast, China and India maintain closed policies focusing on digital yuan (CP)Eand digital rupee, respectively, showing a passive attitude towards private stablecoin adoption.
away However, the the key point is that ststablecoin introduction is not completed merely by 'issuance'. According to CoinEasy's analysis, with 311 layer1 (L1) blockchains and 56 layer2 (L2) worldwide, liquidity fragmentation and user confusion are intensifying. Consequently, hacking losses during 2023-24 exceeded $2.5 billion.
Against this background, interoperability strategies are gaining more prominence. A representative approach is the OFT (Omnichain Fungible Token) standard developed by LayerZero. Through a Lock & Mint structure, it resolves cross-chain liquidity distribution issues, reduces reduces confusion from Wrapped token usage, and provides developer-friendly user experiences. In fact, over half of the top top stablecoins have adopted this infrastructure. Notable stablecoins using this include USDT0, USDe (Ethena), PayPal PYUSD, and Wyoming-issued WYST.
Additionally, various chain-ational connection solutions are being activated. MakerDAO's Teleport and Frax's Frax Ferry provide independent transfer routes for each chain, while Ondo and Tether are establishing secure validator networks with Axelar or Google Cloud through decentralized verification networks DV(DVN). The illegal fund flow issue is also seriously raised, with statistics showing that stablecoin-related illegal transactions account for 63% as of 2024, suggesting the necessity of transaction monitoring and regulatory compliance tools.
There is growing perspective that Asia could be a new opportunity zone leading the interoperability challenge. Similar to Grab's success in Southeast Asia, overtaking Uber, the region has characteristics that can quickly transition if technological confidence follows. Accordingly, the report emphasized that shifting strategy from issuance-centered to usage-centered, prioritizing interoperability, and integrated cooperation among regulations, technology, and institutions will be key to stablecoin popularization.
CoinEconcludedEa that Stablecoins are the future of legal tender, and interoperability is its essential condition." If Asia can simultaneously drive technological standardization and actual application, it has sufficient potential to emerge as the 'new leader'' global stablecoin market.
