According to a recent global stablecoin research report released by Standard Chartered, the global stablecoin issuance has surpassed $320 billion, and in Q1 2026 the total stablecoin transaction volume exceeded $28 trillion, setting a historic high for a single quarter. The report notes that non-USD stablecoins have substantial room for expansion, with Taiwan’s score comparable to the Singapore market.
Analysis of Global Stablecoin Market Concentration and Non-USD Demand
According to the Standard Chartered report, the participation rate of the US dollar in global foreign exchange transactions is about 89%, while the US dollar stablecoin market share is over 98%. The gap between these two figures highlights that stablecoin market concentration is far higher than the underlying systems of global trade and payments.
The report analyzes that the three major structural factors driving demand for non-USD stablecoins are: accessibility (as a digital substitute in regions where the banking system is less developed), speed (24/7 availability that reduces liquidity frictions across time zones), and stability (fast settlement that shortens the exposure window for high-volatility currencies). The report emphasizes that currency diversification will become a structural trend; reducing reliance on a single currency to a certain extent can create meaningful market depth within specific currencies.
Taiwan’s Local Stablecoin Potential Scoring and International Comparison
According to the Standard Chartered report, the scoring framework combines World Bank 2025 business environment maturity assessment data, covering indicators such as financial services operational efficiency, the gap in international trade efficiency, and regulatory clarity. Taiwan’s overall average score in the “ranking of local stablecoin demand potential for domestic currencies” is 47.8 points. The scores for each indicator are as follows:
Other operational efficiency: 74.8 points
Regulatory clarity: 69.4 points
Financial services operational efficiency (reverse indicator): 26.9 points
International trade operational efficiency (reverse indicator): 20.0 points
Taiwan’s score is close to Singapore (47.8) and Hong Kong (47.9). The report also lists regions with higher overall scores, including Côte d’Ivoire (68.4), Indonesia (58.4), and El Salvador (52.3).
Standard Chartered Taiwan Executive: Supply-Chain Position Lays the Foundation for Digital Settlement
When interviewed by the Economic Daily News, Zhu Jialing, head of the Corporate and Investment Banking business at Standard Chartered Bank, said that Taiwan, as a key role in the global supply chain, has significant influence in regional and cross-border industry networks, and that Taiwan enterprises’ demand for cross-border capital allocation and settlement efficiency continues to rise.
Zhu Jialing said that the dual characteristics of stablecoins—stability tied to legal tender and settlement efficiency via blockchain—can support fast cross-border settlement through on-chain payments. For enterprises and financial institutions that operate across time zones, this helps reduce barriers to liquidity. Zhu Jialing added that once the regulatory and legal framework becomes clearer step by step, Taiwan is expected to gradually connect with the global digital financial system.
Regulatory Developments in Taiwan
According to the report, Taiwan’s Financial Supervisory Commission (FSC) recently disclosed that some Taiwanese firms have begun using stablecoins for receiving and paying. Taiwan’s crypto industry special law, the draft “Virtual Asset Service Act,” has been submitted to the Legislative Yuan for deliberation.
Frequently Asked Questions
What are the latest data from the Standard Chartered report on the global stablecoin market size and transaction volume?
According to Standard Chartered’s global stablecoin research report, global stablecoin issuance has surpassed $320 billion. In Q1 2026, total stablecoin transaction volume exceeded $28 trillion, setting a historic high for a single quarter.
What is the gap between USD stablecoins and their share in traditional payments?
According to the Standard Chartered report, USD stablecoins account for over 98% of the stablecoin market, while the USD’s share in traditional global cross-border payments is about 50%. The USD’s participation rate in global foreign exchange transactions is about 89%, leaving a gap of roughly 48 percentage points between the two figures, indicating room for expansion for non-USD stablecoins.
What score does Taiwan receive in the Standard Chartered local stablecoin potential ranking?
According to the Standard Chartered report, Taiwan’s overall score is 47.8 points, similar to Singapore (47.8) and Hong Kong (47.9). Among the indicators, the regulatory clarity score is 69.4 points. The scoring framework is built based on World Bank 2025 business environment maturity assessment data.
