Stablecoins and crypto are threatening fiat money dominance in Eastern Asia
Hong Kong emerged as the fastest-growing Eastern Asian country in terms of global crypto adoption, with 40% of the region’s value received in stablecoins.
Stablecoins and cryptocurrencies are starting to replace fiat currencies in some Eastern Asian countries, highlighting their significance in emerging economies.
Eastern Asia emerged as the sixth-largest crypto economy in 2024, accounting for over 8.9% of global cryptocurrency value received between June 2024 and July 2023, according to a Sept. 17 report by Chainalysis.
The growing adoption of crypto and stablecoins is partly driven by countries with constant fiat currency devaluation and high inflationary rates, according to Maruf Yusupov, the co-founder of Deenar, a digital stablecoin backed by physical gold.
Hong Kong emerged as the fastest-growing Eastern Asian country in terms of global crypto adoption, with 40% of the region’s value received in stablecoins.
Stablecoins and cryptocurrencies are starting to replace fiat currencies in some Eastern Asian countries, highlighting their significance in emerging economies.Eastern Asia emerged as the sixth-largest crypto economy in 2024, accounting for over 8.9% of global cryptocurrency value received between June 2024 and July 2023, according to a Sept. 17 report by Chainalysis.The growing adoption of crypto and stablecoins is partly driven by countries with constant fiat currency devaluation and high inflationary rates, according to Maruf Yusupov, the co-founder of Deenar, a digital stablecoin backed by physical gold.Read more