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Updated 2026-11-04 5 min
In short
- ●Global stablecoin supply has grown from $6.8 billion in 2020 to $273 billion in 2026, according to an opinion piece by Ong Bo Yang published by Cambodia Investment Review on November 3, 2026.
- ●Southeast Asia is at the heart of the analysis: Singapore, Malaysia and the Philippines are each moving forward with a framework or pilot project. Indonesia, Vietnam and the Philippines rank among the most active countries in crypto adoption.
- ●For expats paid in foreign currency, stablecoins could become an option worth comparing against the fees of traditional bank transfers, subject to Cambodia's regulatory framework.
- ●What's next: Singapore's consultation (launched on September 1, 2026) is still under way, and Malaysia's RMJDT trial is ongoing.
$273 bn
Global stablecoin supply in 2026
2020 – 2026
Period covered
Southeast Asia
Location(s)
Cambodia Investment Review
Source
The Facts at a Glance
- $273 billion in 2026. Total stablecoin supply was $6.8 billion in 2020.
- $10.9 trillion in 2025. This is the adjusted stablecoin transaction volume, used across crypto markets and payment networks.
- Around 98% in US dollars. Dollar-backed stablecoins, including Tether, dominate the international market.
- September 1, 2026. The Monetary Authority of Singapore (MAS) published a consultation aimed at tightening stablecoin oversight.
- December 2025. Malaysia launched the RMJDT, a ringgit-backed stablecoin that is still in a controlled testing phase.
How We Got Here
The opinion piece traces a six-year surge, with several recent regulatory milestones across the region.
- 2020: total stablecoin supply stands at $6.8 billion.
- 2025: adjusted transaction volume reaches $10.9 trillion. The 2025 Global Crypto Adoption Index places Indonesia, Vietnam and the Philippines among the most active countries in the region.
- December 2025: launch of the RMJDT in Malaysia. The token is being tested in a controlled programme, and analysts expect gradual adoption by the financial sector.
- 2026: global supply reaches $273 billion.
- September 1, 2026: the MAS publishes its consultation on the Payment Services Act. Only licensed issuers would be allowed to describe their coins as “MAS-regulated stablecoins”.
- November 3, 2026: Cambodia Investment Review publishes Ong Bo Yang's opinion piece. It links to an AMRO analysis of dollar-backed stablecoins, Cambodia and ASEAN.
Breakdown
The initiatives described in the opinion piece vary from country to country. Here is the overview by jurisdiction.
| Segment | Figure | Detail |
|---|---|---|
| Global market | 98% in dollars | Dollar-backed stablecoins, including Tether, dominate. Standard Chartered expects a rise in local-currency stablecoins where financial services are inefficient. |
| Singapore | September 1, 2026 | MAS consultation: reserves, adequate capital, redemption at par value and transparency towards users. Stripe is taking part in the MAS's Project Bloom. |
| Malaysia | December 2025 | Launch of the RMJDT, backed by the ringgit. It is being tested in a controlled programme, with adoption expected to be gradual. |
| Philippines | Pilot project | The central bank (Bangko Sentral ng Pilipinas) is reportedly testing a peso-backed stablecoin for remittances. Providers are exploring routes from Hong Kong and the Middle East. |
| Indonesia, Vietnam, Philippines | Top adopters | These three countries are among the regional leaders in the 2025 Global Crypto Adoption Index. |
What It Means in Practice in Siem Reap
- One more option to compare. If you're paid in foreign currency, stablecoins could join bank transfers and money transfer services as a way to cut costs and delays, according to the author's central argument.
- Settlement at any hour. The piece points out that these tokens allow payments to be settled at any time, unlike banking hours.
- A Cambodian framework to check. The piece doesn't go into local rules. The AMRO analysis it links to points to new monetary vulnerabilities for Cambodia and ASEAN.
- Useful regional benchmarks. Singapore's model (licensed issuers, redemption rights) offers a yardstick for judging how credible a stablecoin is.
- Bank fees to put a number on. Before changing anything, working out your current transfer costs tells you whether an alternative is worth the effort.
How to Stay Out of Trouble (Practical Checklist)
- Step 1: put a number on your current fees. Note the commission, exchange rate applied and processing time for your most recent transfers to Cambodia.
- Step 2: check the local legal framework. Ask your bank in Cambodia and, if needed, a tax adviser about the use of digital assets before converting a significant amount.
- Step 3: favour transparent issuers. Look for published reserves, redemption at par value and clear disclosures, as Singapore's consultation envisages.
- Step 4: tell stablecoins apart from volatile crypto. A token advertised as stable without verifiable backing doesn't offer the same protections.
- Step 5: test with a small amount. Make a modest first transfer to gauge the real cost of getting in and out.
- Step 6: keep records. Hold on to statements for every conversion and transfer, for your tax filings and your dealings with your bank.
- Step 7: keep up with regulatory news. The frameworks in Singapore, Malaysia and the Philippines are evolving, and Cambodia's rules may follow.
Frequently asked questions
What is a stablecoin?
It's a digital currency designed to hold a relatively stable value by being backed by an asset, most often a currency such as the US dollar. It aims to speed up digital transactions while avoiding the sharp price swings of Bitcoin.
How big is the stablecoin market in 2026?
According to Ong Bo Yang's opinion piece, total supply has grown from $6.8 billion in 2020 to $273 billion in 2026. Adjusted transaction volume reached $10.9 trillion in 2025.
Which currency dominates stablecoins?
The US dollar. Dollar-backed stablecoins, including Tether, make up about 98% of the international market. Standard Chartered nevertheless expects local-currency stablecoins to rise in Southeast Asia.
Can an expat in Siem Reap use stablecoins to transfer money?
The opinion piece presents the idea as a possible alternative to traditional bank transfers, with lower costs and faster delivery. It doesn't detail the Cambodian framework, so check with your bank and an adviser before getting started.
What is Singapore planning to regulate stablecoins?
On September 1, 2026, the MAS published a consultation proposing that only licensed issuers be allowed to describe their coins as “MAS-regulated stablecoins”. They would have to preserve the value of the tokens, maintain adequate capital, allow redemption at par value and keep users informed.
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