Trump Momentum Drives Stablecoin Urgency in Asian Financial Hubs

Asian markets are hurriedly updating their stablecoin rules as President Donald Trump’s embrace of US dollar-pegged cryptocurrencies instills a fresh sense of urgency among the region’s authorities.

Recent developments in South Korea, Hong Kong, Malaysia, Thailand and the Philippines point to a proliferation of stablecoins pegged to Asian currencies — even as authorities raise concerns about capital outflows.

Regional heavyweights including JD.com and Ant Group plan to capitalize by applying to become issuers. Shares in Kakaopay Corp. ballooned on expectations that it would do the same. Even China, which has for years imposed a sweeping crypto ban, appears to ...