Japan has overtaken Singapore as the largest hub for local-currency stablecoins in the Asia-Pacific region [APAC], according to on-chain supply data. It marks a quiet but notable shift in where non-USD stablecoin activity is concentrating.
Aggregate APAC local stablecoin supply has rebounded since mid-2025, rising from roughly $40 million at its low to nearly $58–60 million by early 2026.
That recovery, however, has been narrow and Japan-led, with yen-linked tokens accounting for the majority of recent growth.
JPYC drives the supply rebound
The clearest change is the rise of JPYC, Japan’s yen-denominated stablecoin. By February 2026, JPYC’s on-chain supply stood at approximately $26.4 million, making it the single largest local stablecoin in APAC.
Also, it accounts for nearly half of the region’s local-currency stablecoin market.
This marks a reversal from early 2025, when APAC supply was more evenly distributed, and Japan did not dominate issuance. This switch came after the JPYC was launched in October 2025.
The second half of the year saw JPYC expand steadily, with growth appearing gradual rather than driven by one-off minting events.
Singapore loses the lead as XSGD stabilizes
Singapore-based XSGD entered 2025 as the region’s largest local stablecoin, with supply peaking near $35–40 million.
That position eroded through the first half of the year. While XSGD stabilized and partially recovered in late 2025, its supply has settled around $18 million, well below its prior highs.
The data suggests Singapore has shifted from expansion to consolidation, with XSGD no longer setting the pace for regional growth.
Other APAC local stablecoins lag behind
Elsewhere in APAC, local-currency stablecoins have played a limited role in the rebound. IDRT, Indonesia’s rupiah-linked token, declined sharply from early-2025 levels and has not staged a meaningful recovery.
Smaller tokens tied to currencies such as the Australian dollar, Philippine peso, and New Zealand dollar remain marginal in absolute terms, contributing little to the overall increase in supply.
As a result, the recovery in APAC local stablecoins has become increasingly concentrated, driven primarily by Japan rather than broad-based regional adoption.
A regional shift, not a global one
The shift does not challenge the global dominance of dollar-backed stablecoins, which continue to account for the vast majority of the world’s stablecoin supply.
Instead, it highlights how local payment use cases can still shape regional stablecoin dynamics, even as USD-denominated tokens dominate cross-border and exchange settlement.
Japan’s emergence as APAC’s largest local stablecoin market reflects a rebalancing within the region. It is defined less by headline issuance totals and more by where sustained, currency-specific demand is taking hold.
Final Summary
- Japan has become APAC’s largest local stablecoin market, with JPYC nearing $26.4 million in supply.
- The regional rebound since mid-2025 has been concentrated, as Singapore stabilizes and other local tokens lag.
