最新报道：According to Coinnet, last week, Osaka Governor Hirofumi Yoshimura highlighted the third year of the "Osaka International Financial City" initiative. The city has attracted 27 overseas financial institutions and 650 startups, demonstrating its ambition to position itself as a next-generation financial hub. Singapore and Hong Kong, once considered Asia's financial hubs, now face competition as the rise of stablecoins reshapes the region's monetary order, raising the question of which country or city will lead. South Korea: Shifting to Private Stablecoins and Retail Payments South Korea initially focused on central bank digital currency (CBDC) initiatives but has now accelerated its shift toward private stablecoins. The Financial Services Commission plans to submit a comprehensive regulatory bill to parliament in October 2025 to encourage the launch of won-backed stablecoins. Meanwhile, the Bank of Korea has established a dedicated digital asset team to advance oversight and market development. Major players like KakaoBank are preparing to enter the market, with retail payments and cross-border remittances seen as key growth drivers. South Korea's strengths lie in its advanced digital infrastructure and widespread fintech adoption. Given the prevalence of mobile payments and online banking, the country is well-positioned to rapidly expand the use of consumer-oriented stablecoins once regulations are in place. Japan: Seizing the Lead with a Comprehensive Legal Framework Japan has established one of the most comprehensive stablecoin legal regimes in the world. The revised Payment Services Act, enacted in June 2025, distinguishes stablecoins from cryptocurrencies by classifying them as "electronic payment instruments." The Financial Services Agency (FSA) strictly regulates issuers, limiting them to banks, trust companies, and licensed remittance companies. JPYC, registered as a remittance operator, will launch a yen-pegged stablecoin in the fall of 2025. The initial issuance target is $68 billion, with a long-term goal of $6.8 billion. Circle introduced USDC to Japan through SBI VC Trade in March 2025. Mitsubishi UFJ Trust and Banking Corporation is preparing its Progmat Coin system. Japan has launched the world's first yen-backed stablecoin, legally recognized as a payment instrument. Anticipated use cases include carbon credit trading, trade settlement, and cross-border payments. Osaka boasts a growing cluster of startups and international institutions. Japan aims to become Asia's stablecoin hub through clear regulations and robust market adoption. Hong Kong and Singapore: Competing through Licensing Hong Kong implemented the Stablecoin Ordinance on August 1, 2025, introducing Asia's first comprehensive licensing regime. Furthermore, issuers must maintain sufficient reserves of high-quality liquid assets and adhere to strict anti-money laundering and know-your-customer requirements. Authorities plan to issue the first licenses in early 2026, with over 40 companies preparing to apply. Hong Kong focuses on transparency and institutional credibility. However, delays in actual adoption compared to Japan and South Korea may slow its momentum. Meanwhile, Singapore enacted the Digital Token Service Provider (DTSP) Framework in June 2025, setting strict requirements and generally restricting overseas-focused issuers. While Paxos received approval in 2024, the broader market remains under development. Singapore's cautious stance emphasizes its preference for long-term stability over rapid expansion. China: Eyeing RMB Internationalization Through Stablecoins In August 2025, a media report stated that Beijing had begun exploring a stablecoin pegged to the RMB as part of its broader strategy to reduce its reliance on the US dollar and accelerate RMB internationalization. The government will also release a roadmap later this month, with plans for initial rollout in Hong Kong and Shanghai. China has already taken the lead in deploying a central bank digital currency (CBDC), raising questions about its potential overlap with private stablecoins. However, given its policy scale and market influence, a RMB-backed stablecoin could significantly reshape Asia's financial landscape. Outlook: Competing Models for Asia's Next Financial Hub The stablecoin race is redefining what it means to be an Asian financial hub. Japan leads in legal framework and enterprise adoption, South Korea in consumer infrastructure, Hong Kong in regulatory credibility, Singapore in cautious long-termism, and China in currency internationalization. As Osaka's efforts demonstrate, future financial leadership will depend on capital concentration, regulatory clarity, practical utility, and policy flexibility. The balance of these three elements may determine which city takes the crown as Asia's next financial hub.