Friday,21 June 2024

Circle’s Yam Ki Chan: “Stablecoins can reduce transaction time and cost for Asian businesses”

5 min read

Interviewed By Wynndee Alejo

Yam Ki Chan, vice president of strategy and policy at Circle, discussed the stablecoin landscape, and how Singapore is taking the lead on the fintech stage in Asia Pacific and the world. Chan served as director for global and Asia economics at the US White House National Security Council, and has since turned his attention to digital assets to lead Circle, the issuer of USDC stablecoin.

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.

Keywords: Stablecoins, Fintech, Crypto, Digital Assets
Institutions: Circle,, Grab
Country: Singapore, USA
Region: US
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