One Onchain Trend, Very Different Strategies (ASA News #10)

*[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2025.12.08~12.21)

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1. Kyobo Life Begins Blockchain-Based Insurance Experiment, Potential Use of USDC

1.1 [News] Reviewing Integration of Health Data into Insurance via Collaboration with Superwalk

Source: Kyobo Life Begins Blockchain-Based Insurance Experiment, Potential Use of USDC

Kyobo Life has begun developing insurance products that leverage blockchain technology. The company is discussing ways to incorporate user health management data into insurance product design through a collaboration with Web3 healthcare platform Superwalk, and is currently expanding the relationship with a focus on marketing collaboration.

Superwalk is a blockchain-based service that rewards users for walking activities. Its ability to structure and utilize health data has long been viewed as highly compatible with insurance use cases. Within Kyobo Life, the collaboration has reportedly been evaluated positively, with discussions expanding toward premium discounts, joint marketing initiatives, and the development of digital insurance products.

This move also aligns with Kyobo Life’s broader interest in stablecoins and blockchain finance. Kyobo Life previously became the only domestic financial institution to participate in the testnet of Arc, a blockchain developed by USDC issuer Circle. Industry observers note that this could eventually lead to proof-of-concept experiments for insurance payment models using USDC or global insurance products.

1.2 Commentary

1.2.1 Moyed (ASA Contributor, Delta Network) – Smarter Insurance and the Blockchain’s integration to Payment

Kyobo Life’s experiment goes beyond the digitalization of insurance products and offers a glimpse into a structural transformation of insurance itself. While adjusting premiums based on health data has already been explored in global insurance markets, coupling this approach with a blockchain-based healthcare platform can be interpreted as a strategy to secure both data credibility and participation incentives. If user behavior is accumulated as on-chain data, insurers can achieve more granular risk assessment and differentiated product design.

A key point to watch is the potential expansion of this experiment into the payments domain. Kyobo Life’s participation in Circle’s Arc testnet and the active involvement of the group’s owner in stablecoin-related discussions suggest more than a superficial technology exploration. If stablecoins such as USDC are used for premium payments and settlements, the operational cost and complexity of cross-border insurance products could be significantly reduced.

Ultimately, this collaboration illustrates what kinds of experiments large domestic insurers can initiate at the intersection of data-driven insurance and blockchain financial infrastructure. In the short term, it may remain at the level of marketing and proof-of-concept, but in the long run, it carries the potential to reconfigure insurance product design, payments, and settlement processes end to end.

2. Standard Chartered Launches Tokenized Deposits with Ant in Hong Kong

2.1 [News] Blockchain-Based 24/7 Fund Transfer System Goes Live with Ant International

Source: Standard Chartered Launches Tokenized Deposits with Ant in Hong Kong

Standard Chartered Bank has launched a blockchain-based tokenized deposit solution in Hong Kong in partnership with Ant International, moving the system into live operation. The solution runs on Ant International’s Whale platform and supports near real-time, 24-hour fund transfers for Hong Kong dollars (HKD), offshore renminbi (CNH), and U.S. dollars (USD).

Unlike stablecoins, tokenized deposits represent bank deposits in digital token form and are fully backed by bank deposits. Standard Chartered issues the deposits, while Ant International utilizes them on the Whale platform. This structure enables fund transfers and balance management without being constrained by traditional banking hours or settlement cutoffs.

The launch is part of the Hong Kong Monetary Authority’s Project Ensemble initiative. However, interbank settlement still relies on Hong Kong’s real-time gross settlement (RTGS) system, meaning that further experimentation is required before achieving fully instantaneous interbank settlement.

2.2 Commentary

2.2.1 Moyed (ASA Contributor, Delta Network) – Tokenized Deposits as an Onchain Experiment for Bank Money

This collaboration between Standard Chartered and Ant demonstrates that the tokenization of bank money can function in practice along a path distinct from the stablecoin debate. Tokenized deposits preserve the legal nature and trust of traditional bank deposits while absorbing the real-time and automation advantages of blockchain technology. This approach minimizes regulatory risk while significantly improving the efficiency of corporate treasury operations.

Project Ensemble, in particular, focuses not on isolated pilots by individual institutions, but on building shared infrastructure and standards. This explains the participation of major banks such as Standard Chartered, HSBC, and Bank of China (Hong Kong), alongside global players. If tokenized central bank money is eventually integrated, the final bottleneck of interbank settlement delays could be removed.

The true significance of this experiment lies not in visible disruption, but in a quiet infrastructural shift. Once corporate treasury teams, fintech companies, and ERP providers begin designing systems around tokenized deposits, blockchain will no longer be an experimental technology but a foundational layer of corporate finance. With Hong Kong serving as the testbed, this case symbolically illustrates the future direction of Asian financial markets.

3. Japan’s SBI Holdings to Launch Yen-Pegged Stablecoin

3.1 [News] Planned Issuance of Yen Stablecoin in Q2 2026 in Partnership with Startale

Source: Japan’s SBI Holdings to Launch Yen-Pegged Stablecoin

Japan’s diversified financial group SBI Holdings is collaborating with blockchain company Startale Group to launch a yen-pegged stablecoin. The project is positioned as a fully regulated token aimed at global payments and institutional adoption, with a planned launch in the second quarter of 2026.

The initiative combines SBI’s credibility and financial infrastructure as a major Japanese financial institution with Startale’s Web3 capabilities, developed through its involvement in the jointly developed Soneium blockchain network supported by Sony. Issuance and redemption will be handled by Shinsei Trust & Banking under SBI Shinsei Bank, while distribution will be managed by licensed crypto asset exchange SBI VC Trade.

Startale has previously launched an institutional dollar stablecoin, Startale USD (USDSC), and plans to build a complementary currency stack for a 24-hour tokenized equity exchange alongside the yen stablecoin. Japan’s Financial Services Agency has officially expressed support for fostering a yen stablecoin market, with related developments including approval of JPYC and joint projects involving major banks.

3.2 Commentary

3.2.1 Moyed (ASA Contributor, Delta Network) – Yen Stablecoins and Japan’s Approach to Tokenized Finance

The yen stablecoin project by SBI and Startale is significant as an example of currency tokenization led by a private financial group. In a stablecoin landscape dominated by the U.S. dollar, the attempt to position the yen for global payments and on-chain asset settlement reflects a strategic effort by Japan’s financial sector to reclaim leadership in digital currency competition. The design, which places issuance, redemption, and distribution fully within regulatory boundaries, represents a pragmatic approach focused on institutional adoption.

This project targets more than payments alone. Use cases cited by Startale, such as AI agent-to-agent payments and automated distribution of tokenized assets, are widely discussed as core applications of future on-chain finance. If the yen stablecoin becomes the default unit of account for these scenarios, Japan’s financial ecosystem could simultaneously preserve its bank-centric structure while achieving blockchain-based expansion.

4. Other News

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4.1 Theme 1. Stablecoins Expanding into Global Payment Infrastructure

4.1.1 SoFi Launches Bank-Issued Stablecoin SoFiUSD with Public Access in the U.S.

• SoFi launches fully reserved bank-issued stablecoin SoFiUSD with 24/7 instant settlement

• Integrated with the Galileo payment network and SoFi Pay for international remittances and POS payments

• Can serve as a collateralized dollar asset in regions with high currency volatility

4.1.2 Visa Expands USDC Stablecoin Settlement in the U.S. Using Solana

• Expands annualized USDC settlement volume of USD 3.5 billion to U.S. banks

• Enables seven-day-a-week faster settlement via the Solana blockchain

• Partners with Akamai to address AI-driven e-commerce security challenges

4.1.3 Kenyan Fintech Swypt Automatically Converts M-PESA Payments into USDT

• Merchants can receive Kenyan shilling payments and instantly settle in stablecoins

• Over USD 10 million processed across more than 1,000 merchants

• Expands financial access through non-custodial wallets and simplified onboarding

4.1.4 YouTube Enables PYUSD Stablecoin Payouts for U.S. Creators

• Creators can receive earnings directly in PayPal’s PYUSD

• YouTube provides instant settlement without directly handling crypto

• Signals accelerated adoption of stablecoin payments by big tech companies

4.2 Theme 2. Institution- and Enterprise-Led Stablecoin and Tokenization Strategies

4.2.1 BlackRock, Mastercard, and Franklin Templeton Collaborate with Abu Dhabi Institutional Blockchain

• BlackRock reviews tokenized asset structures and regulatory frameworks in Abu Dhabi

• Mastercard focuses on stablecoin payments and cross-border infrastructure in the Middle East

• ADI Chain hosts dirham-pegged stablecoins under UAE central bank regulation

4.2.2 Coinbase Launches Custom Stablecoin Issuance Service for Enterprises

• Enterprises can issue branded stablecoins based on USDC

• Immediate access to a network of over 100 million existing Coinbase wallets

• Converts loyalty programs into tradable and yield-generating digital assets

4.3 Theme 3. National Stablecoin Regulation and the Rise of Sovereign Models

4.3.1 Kyrgyzstan Launches Gold-Backed National Stablecoin USDKG

• First national stablecoin backed by physical gold rather than cash

• Aims to reduce dependence on foreign financial systems and enhance audit transparency

• Expected to expand financial inclusion, including in rural areas

4.3.2 Japan Financial Services Agency Releases Proposal to Strengthen Stablecoin Reserve Requirements

• Proposes domestic reserve holdings proportional to liabilities to Japanese residents

• Allows foreign stablecoins to operate via licensed local intermediaries

• Part of a broader revision of the Payment Services Act

4.3.3 Bank of Canada to Enforce 1:1 Stablecoin Collateral Rules Starting in 2026

• Requires full backing with high-liquidity assets such as government bonds and T-bills

• Mandates full transparency on redemption terms, fees, and procedures

• Plans integration with the Real-Time Rail (RTR) system for instant settlement