Japan’s JPYC Beats Singapore in APAC Stablecoin Sprint

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It appears that the land of the rising sun has once again outdone itself, with Japan quietly usurping the title of APAC’s most droll stablecoin hub, leaving Singapore to ponder its place in the grand scheme of things. A most unremarkable yet undeniably significant shift, akin to a well-timed yawn at a dinner party.

The aggregate APAC local stablecoin supply, that most fickle of creatures, has rebounded since mid-2025, rising from a modest $40 million to a rather impressive $58-60 million by early 2026. One might say the market has found its footing-or at least its wallet.

This recovery, however, has been as narrow as a teacup’s rim, with Japan leading the charge, its yen-linked tokens casting a long shadow over the competition.

JPYC Drives the Supply Rebound

The clearest harbinger of this change is the JPYC, Japan’s yen-denominated stablecoin, which has ascended to the rank of APAC’s most prominent local stablecoin. By February 2026, its on-chain supply stood at approximately $26.4 million, a figure so tantalizing it might make a monk weep. Indeed, it accounts for nearly half of the region’s local-currency stablecoin market, a feat as improbable as a penguin in a sauna.

This marks a reversal from early 2025, when APAC supply was more evenly distributed, and Japan did not dominate issuance. The JPYC’s launch in October 2025, one might say, was the spark that lit the fuse of fiscal fervor.

The second half of the year saw JPYC expand steadily, with growth appearing as gradual as a sloth’s pace, rather than driven by one-off minting events. A most commendable approach, if one values patience over pandemonium.

Singapore Loses the Lead as XSGD Stabilizes

Singapore-based XSGD, once the belle of the ball, entered 2025 as the region’s largest local stablecoin, with supply peaking near $35-40 million. Alas, the tides turned, and by late 2025, its supply had settled around $18 million-a far cry from its former glory. One might say XSGD has shifted from expansion to consolidation, much like a retiree trading in his sports car for a sedan.

The data suggests Singapore has abandoned its ambitions of dominance, content to watch Japan’s JPYC waltz into the spotlight.

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, a casualty of economic whims. Smaller tokens tied to currencies such as the Australian dollar, Philippine peso, and New Zealand dollar remain as marginal as a guest at a party who forgot to RSVP.

As a result, the recovery in APAC local stablecoins has become increasingly concentrated, driven primarily by Japan rather than broad-based regional adoption. A tale of two cities, if you will-only one of them is currently holding a champagne flute.

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. A curious paradox, much like a cat that has mastered the art of ignoring its owner.

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. A most droll development, if one is inclined to admire such things.

Final Summary

  • Japan has become APAC’s largest local stablecoin market, with JPYC nearing $26.4 million in supply-a figure so impressive it might make a goldfish weep.
  • The regional rebound since mid-2025 has been concentrated, as Singapore stabilizes and other local tokens lag. A most uneventful conclusion, if one were to judge by the lack of fireworks.

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2026-02-17 20:05