Southeast Asia can’t simply license its way to stablecoin sovereignty

There’s a number that should reframe every stablecoin policy debate in the region, and it isn’t flattering. As of early 2026, the global stablecoin market is worth north of US$300 billion, and about 99.76 per cent of it is backed by the US dollar. Non-dollar coins, every euro, yen, ringgit and…