According to Amy Zhang, Head of Asia at Fireblocks, Asian banks are increasingly using stablecoins like USDT and USDC to mitigate deposit flight risks and lost transaction revenue. Major banks in Korea, including KB Kookmin and Shinhan, are forming a consortium to launch a Korean won stablecoin by 2026, as reported. Japanese banks such as MUFG, SMBC, and Mizuho are piloting yen-pegged stablecoins to streamline trade finance, while Hong Kong's Bank of East Asia is testing USD and HKD stablecoin settlements. Payment service providers are driving adoption for efficient cross-border payments, with Fireblocks noting stablecoins account for half of its $3 trillion transaction volume. E-commerce firms like JD.com plan cost reductions using stablecoins, and Visa Analytics data shows 30% higher weekend volumes, highlighting retail use. USDT dominates emerging Asian markets, while USDC gains traction in regulated hubs like Singapore and Hong Kong.