# From Cryptocurrency to Commerce: Exploring the Role of Stablecoins in Asia

- Link: https://www.thailand-business-news.com/asean/274167-from-cryptocurrency-to-commerce-exploring-the-role-of-stablecoins-in-asia
- Published: 2026-01-14T08:55:00+07:00
- Author: Asean News

**Stablecoins connect crypto and traditional finance but pose risks to monetary 
sovereignty. They need strong regulation, particularly in Asia, to ensure stability
while enabling financial innovation.**

### Navigating Stablecoins in Asia

The crypto landscape, for over a decade, has been marked by volatility, with stablecoins
emerging as a crucial bridge to traditional finance. The GENIUS Act in the US signals
a global shift, prompting questions about stablecoins’ role in financial evolution
versus their threat to monetary sovereignty. The ASEAN+3 Macroeconomic Research 
Office (AMRO) explores these dynamics, stressing the importance of rigorous regulation
in building our financial future.

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### Stablecoins: Opportunities and Challenges

Stablecoins are akin to “e-money tokens,” offering digital portability similar to
GrabPay or Alipay. Their tokenization enables seamless transactions across borders
without a traditional banking network. However, this efficiency brings regulatory
challenges. In Asia, concerns about “digital dollarization” arise, yet stablecoins
could enable direct currency exchanges, reducing reliance on the US dollar. This
change, similar to a “Google Translate” effect, allows local currencies to interact
more efficiently.

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### Building a Stable Financial Framework

Despite potential benefits, maintaining stability in stablecoins is crucial. They
need strong regulatory backing, similar to narrow banking, to avoid risks akin to
19th-century wildcat banknotes. AMRO envisions a layered monetary system with central
bank money, commercial deposits, and stablecoins playing complementary roles. To
avoid monetary fragmentation, authorized stablecoins must be convertible at par 
with central bank money. Policymakers must balance innovation with stability, ensuring
robust regulations while exploring local currency-pegged tokens.

Source: [From Crypto to Commerce: Navigating Stablecoins in Asia – ASEAN+3 Macroeconomic Research Office ](https://amro-asia.org/from-crypto-to-commerce-navigating-stablecoins-in-asia)