Hong Kong blockchain coverage reaches 70% vs Asia’s 26% average

Japan recorded 51% whilst China followed at 46%.

Blockchain technologies are most talked about in Hong Kong, where 70% of reporting reviewed focused on central bank digital currencies (CBDCs), stablecoins or tokenisation.

Central bank digital currencies and stablecoins are becoming a larger part of discussions around cross-border payments in Asia, although adoption and regulatory approaches differ widely across markets, according to Money 20/20 and FXC Intelligence’s The New Era of Asia’s Cross-Border Payments report.

CBDCs are generally being considered for wholesale and central bank-led initiatives, including projects such as mBridge. 

Stablecoins are more often linked to retail payments, with regulation still developing across the region.
Japan followed at 51%, China at 46% and Singapore at 33%. 

Coverage was lower in India at 19%, Vietnam at 6% and Thailand at 5%, whilst Indonesia, Malaysia and the Philippines recorded no coverage. The regional average was 26%.

China’s discussion has been centred mainly on CBDCs, including the retail e-CNY, whilst debate around stablecoins has also been shaped by action against unauthorised use.

Japan has seen more positive discussion around stablecoins, supported by a multi-bank stablecoin initiative and the approval of its first yen-pegged stablecoin. 

Hong Kong has also drawn attention through several stablecoin projects and the introduction of a regulatory regime for issuers.

Singapore, which completed its stablecoin regulatory framework in 2023, has also seen stablecoins discussed more frequently than CBDCs. Institutional tokenisation has also gained attention in Singapore and Hong Kong.

Across Asia, sentiment towards both stablecoins and CBDCs was mostly positive. 

Stablecoins recorded 64% positive sentiment, 25% neutral and 11% negative. CBDCs had 69% positive sentiment, 24% neutral and 7% negative.

In China, the gap was wider. Positive sentiment towards CBDCs stood at 75%, compared with 43% for stablecoins. 

Negative sentiment towards stablecoins was 29%, whilst only 8% of CBDC coverage was negative. Neutral sentiment was 29% for stablecoins and 17% for CBDCs.

The report also found that coverage of CBDCs and stablecoins is expected to increase. 

About 16% of coverage was classified as past-focused, 40% as focused on current developments and 44% as future-focused.

The broader trend suggests blockchain-based payment technologies are moving from early-stage trials towards more practical use in cross-border payments, although the pace of adoption is likely to remain uneven across Asia.