He noted that stablecoins can alleviate poverty especially in Asia Pacific, highlighting the impact on businesses not just in terms of costs but also settlement time, especially for those operating across different countries within the region. 

The complexity of transactions involving various currencies poses challenges that stablecoins can address effectively, he said, adding that the ability of stablecoins to streamline payments and reduce costs is particularly beneficial for Asian businesses dealing in multiple currencies across jurisdictions.

Chan pointed out that the recent release of the Singapore policy framework on stablecoins expands the possibilities for how regulated stablecoins can be created, circulated, and used in the country under a regulated environment. Singapore’s stablecoin framework places it among the first jurisdictions to implement such regulations.