The Hong Kong dollar stands out as the only Asian currency capable of competing globally as a stablecoin, thanks to its full convertibility and international acceptance. While South Korea is working on legislation to legalize stablecoins, the won's offshore restrictions hinder its global reach. Other Asian currencies, including the New Taiwan dollar and the renminbi, face similar limitations due to domestic and capital account constraints. Hong Kong's currency board-backed dollar positions it uniquely to challenge established stablecoins like USDT and USDC.