Asian countries are accelerating the development of stablecoins linked to local currencies in a bid to reduce reliance on the U.S. dollar. Hong Kong is set to implement its Stablecoins Ordinance on August 1, 2025, requiring compliance from stablecoin issuers. South Korea is preparing regulations for a won-pegged stablecoin by the end of the year, while Japan and Singapore are progressing with regulated yen and multi-currency stablecoin options. This regional push is gaining momentum in digital trade, with Europe responding through its Qivalis project.