HSBC’s RedCoin went live in Hong Kong on Oct 23. Every live local-currency stablecoin in Asia adds up to about $195M. USDG, one Singapore-issued dollar coin, holds $3.08B.

Hong Kong and Japan have stablecoin laws in force, Singapore a finalised MAS framework. The biggest local coin, Japan’s JPYSC at about $132M, never leaves SBI’s exchange.

Korea, Taiwan, Indonesia, Thailand and Malaysia have laws or rules due over the next 6 months, while China and Vietnam have shut the door on local coins. Meanwhile money keeps leaving for dollar coins: Koreans moved about $346M in stablecoins offshore in June alone.

Next up: retail access to Hong Kong’s HKDAP, a joint yen coin from Japan’s megabanks and a Korean won-coin bill under review in November.