[Analysis] "Southeast Asia Expands Experiments with Stablecoin-Based Digital Payments…Blockchain Utilization Accelerates"

Southeast Asian countries are advancing the establishment of blockchain infrastructure, and there is analysis showing that experiments with digital payment systems centered on stablecoins are spreading. It has been observed that a variety of entities—including central banks, private exchanges, and startups—are developing payment infrastructure optimized for local needs in their own ways.

A report released on the 30th by the Web3 research and consulting firm Tiger Research stated, "Local blockchains in Southeast Asia are evolving as infrastructure designed to fit local institutional environments and real-world usage requirements, rather than simply aiming for technological superiority, and stablecoins are acting as a core pillar of these designs."

Particularly noteworthy cases are Thailand and Cambodia. Bitkub Chain, developed by Bitkub, Thailand's largest digital asset exchange, operates the baht-linked stablecoin BTB (Bitkub Thai Baht) and is carrying out both on-chain payments and fintech experiments. This chain is evaluated as an example of securing both private sector autonomy and regulatory compatibility at the same time through a licensing system and regulatory sandbox, without direct intervention from the Thai government.

The National Bank of Cambodia has gone a step further by directly operating a digital currency infrastructure. Bakong, a private blockchain, functions as a dual-currency payment system supporting both the Cambodian Riel (KHR) and the US Dollar (USD), with over 30 million accounts and cumulative transaction volumes reaching $105 billion. This network operates as a central bank digital currency (CBDC)-based digital payment platform.

Meanwhile, although the Philippines makes extensive use of blockchain technology, it does not possess its own layer-1 chain and instead relies on overseas public chains. All of its major initiatives, such as Project i2i (based on Ethereum), the Hedera-based stablecoin PHPX, and a central bank-led closed CBDC experiment, are based on external infrastructure. There is analysis suggesting this brings structural limitations in terms of data sovereignty and regulatory enforceability.

The report stated, "Beyond simply being a means of payment, stablecoins are emerging as a key tool connecting local financial infrastructure with institutional frameworks and blockchain technology," adding, "Only chains with strategic alignment with each country's digital financial strategy will be able to secure sustainable growth as regulations tighten."