Asia compared
USDT prices on local exchanges and local-currency stablecoins across Asia, side by side on one FX basis (ECB). See where Korea's premium sits in the region.
USDT premium on local exchanges
| Country | Exchange | USDT price | ECB rate (per USD) | Premium | 24h volume |
|---|---|---|---|---|---|
| Korea | Upbit USDT/KRW | 1,378 | 1,337.13 | +3.06% | $104.7M |
| Indonesia | Indodax USDT/IDR | 18,299 | 18,245 | +0.30% | $5.4M |
| Hong Kong | HashKey USDT/HKD | 7.847 | 7.846 | +0.01% | $1.7M |
| Singapore | Independent Reserve USDT/SGDbid/ask mid | 1.2878 | 1.2881 | -0.02% | – |
| Singapore | Coinhako USDT/SGDbid/ask mid | 1.2878 | 1.2881 | -0.03% | – |
Premium = local USDT price ÷ ECB reference rate − 1. Singapore uses the bid/ask midpoint (Coinhako: midpoint of its indicative buy/sell prices). Japan is missing because exchanges there do not list USDT; Taiwan because ECB does not publish a TWD rate.
Stablecoins by currency
| Country | Currency | Supply (local currency) | In USD | Main coins |
|---|---|---|---|---|
| Singapore | SGD | 12.8M SGD | $9.9M | XSGD |
| Australia | AUD | 12.5M AUD | $8.5M | AUDD · AUDF · AUDM · AUDm |
| Hong Kong | HKD | 13.1M HKD | $1.7M | HKDAP |
| Japan | JPY | 146.4M JPY | $915.1K | JPYSC · JPYC · GYEN · JPYdf +2 |
| China (offshore CNH) | CNY | 3.1M CNY | $461.2K | CNHT · LCNY |
| Philippines | PHP | 3.5M PHP | $55.5K | PHT · PHPm |
| Malaysia | MYR | 120.4K MYR | $29.4K | MYRT |
| Korea | KRW | 547.2K KRW | $409.22 | KRWQ · KRW1 |
| Indonesia | IDR | 111.8K IDR | $6.13 | XIDR |
Local-currency stablecoins tracked by DefiLlama. USD values use the ECB rate, not coin prices. Some coins may be missing.
Japan, Hong Kong and Singapore: regulatory timeline
Japan
- 2022-06-03Done
Amended Payment Services Act enacted — stablecoins defined as 'electronic payment instruments'
Source: Japan FSA, list of bills submitted to the Diet - 2023-06-01Done
Amended Payment Services Act takes effect — registration regime for electronic payment instrument businesses begins
Source: Japan FSA notice, 2023-05-26 - 2025-08-18Done
JPYC registered as a funds transfer service provider (Kanto Local Finance Bureau No. 00099) — basis for its yen stablecoin
Source: Japan FSA register of funds transfer service providers - 2026-06-01Done
2025 Payment Services Act amendments take effect (enacted 2025-06-06) — new intermediary business; more flexible reserves for trust-type stablecoins
Source: Japan FSA notice, 2026-05-22 - 2026-07-15In progress
Amendments to the Financial Instruments and Exchange Act and Payment Services Act enacted — crypto-asset trading moves under the FIEA; in force within one year of promulgation on a date set by cabinet order (not yet fixed)
Source: Japan FSA bill outline and list of bills
Hong Kong
- 2025-05-30Done
Stablecoins Ordinance (Cap. 656) gazetted
Source: HKSAR Government press release, 2025-06-06 - 2025-08-01Done
Stablecoins Ordinance takes effect — issuing fiat-referenced stablecoins requires an HKMA licence
Source: HKSAR Government press release, 2025-06-06 - 2026-04-10Done
HKMA grants first stablecoin issuer licences — Anchorpoint Financial and HSBC
Source: HKMA press release, 2026-04-10
Singapore
- 2022-05-31Done
MAS launches Project Guardian, an industry pilot on asset tokenisation
Source: MAS media release, 2022-05-31 - 2023-08-15Done
MAS finalises its stablecoin framework — single-currency stablecoins pegged to SGD or a G10 currency issued in Singapore
Source: MAS media release, 2023-08-15
Only items whose dates we checked against regulators' own releases (HKMA/HKSAR Government, MAS, Japan FSA).
Source: Upbit, HashKey, Indodax, Independent Reserve, Coinhako, DefiLlama, ECB(2026-11-13) · As of Nov 16, 2026, 03:22 AM KST