The United Arab Emirates and Singapore have become testing grounds for stablecoin cross-border payments and corporate treasury applications. The head of digital currencies at Visa Asia Pacific stated that stablecoins are more likely to develop in parallel with the banking system rather than replace banks. According to SB Seker, the head of Binance Asia Pacific, the digital asset market in the region has grown by approximately 69% -70% year-on-year, and merchants' acceptance of stablecoin payments is increasing. Singapore already has applications such as XSGD and tokenized deposits, while the UAE is promoting DDSC and digital dirhams for cross-border payments. Compliance, foreign exchange, liquidity, and local withdrawals are the main obstacles to the development of the Middle East Asia stablecoin payment corridor. (Source: The National)
