Can I earn stablecoin rewards in the Philippines?

Yes. Platforms like Coins.ph and GCash allow Filipinos to hold USDC and earn rewards. Coins.ph is BSP-regulated and supports USDC with up to 5% annual rewards. GCash has over 90 million users and integrates stablecoin features.

What is StraitsX and how does it work?

StraitsX is a Singapore-based stablecoin issuer regulated by the MAS (Monetary Authority of Singapore). It issues XSGD (Singapore dollar stablecoin) and XUSD. It is used by businesses and individuals for cross-border payments and yield products.

Are stablecoins regulated in Singapore?

Yes. Singapore has one of the most advanced crypto regulatory frameworks in Asia. The MAS regulates stablecoin issuers under the Payment Services Act. Platforms operating in Singapore must hold a Major Payment Institution licence.

Asia-Pacific GuideMar 2026 · 7 min read

Stablecoins in Asia-Pacific: How the Philippines & Singapore Are Leading the Region

From GCash's 90 million users to Singapore's regulated XSGD stablecoin, Asia-Pacific is one of the most dynamic stablecoin markets in the world. Here's what everyday consumers need to know.

5-Second Summary

Top Market. Philippines

90M GCash users

Top Market. Singapore

MAS-regulated XSGD

Best Yield (Region)

Up to 5.80% APY (Bybit)

Remittance Corridor

Largest in the world

Regulation

MAS (SG) · BSP (PH)

Crypto Wallet Needed?

No, apps work fine

Why Asia-Pacific Is Different

The Asia-Pacific region has some of the highest remittance flows in the world. The Philippines alone receives over $36 billion in remittances annually, and traditional bank transfers eat 5-8% of that in fees. Stablecoins solve this problem directly: a Filipino worker in Singapore can send USDC home in seconds for near-zero cost.

Singapore, meanwhile, has become the regulatory hub for stablecoins in the region. The Monetary Authority of Singapore (MAS) introduced a full stablecoin regulatory framework in 2023, making Singapore-issued stablecoins among the most trusted in the world.

Philippines vs. Singapore: At a Glance

Factor	🇵🇭 Philippines	🇸🇬 Singapore
Main Use Case	Remittances, savings	Payments, DeFi, yield
Regulator	BSP (Bangko Sentral)	MAS (Monetary Authority)
Top Platform	GCash / Coins.ph	StraitsX / Bybit
Best Stablecoin	USDC (USD-pegged)	XSGD (SGD-pegged)
Typical Yield	5% APY (Coins.ph)	5.80% APY (Bybit)
Crypto Wallet Required?	No, app-based	No, exchange-based
English Language Support	Yes	Yes

3 Ways to Get Started in Asia-Pacific

Step 01

Philippines: Start with Coins.ph

Coins.ph is the most trusted crypto app in the Philippines with over 18 million users. You can earn 5% APY on USDC directly inside the app, send money internationally for near-zero fees, and pay bills using your stablecoin balance. No crypto wallet needed, it works like a regular mobile banking app. Download from the App Store or Google Play, verify your identity with a government ID, and you're live in minutes.

Explore Philippines Perks →

Step 02

Singapore: Use StraitsX for SGD-Pegged Stability

StraitsX issues XSGD, a Singapore dollar-pegged stablecoin regulated by MAS. For Singaporeans who want to avoid USD exchange rate risk, XSGD is the natural choice. You can hold, send, and earn on XSGD through the StraitsX platform or compatible wallets. It's fully backed 1:1 by SGD held in MAS-licensed financial institutions.

Explore Singapore Perks →

Step 03

Earn 5.80% with Bybit

Bybit Earn is available across Asia-Pacific and offers competitive USDC yields at 5.80% APY on flexible terms. You can withdraw at any time, making it function like a high-yield savings account. Bybit is registered in Singapore and operates under MAS oversight. Minimum deposit is just $1 USDC.

View Bybit Earn Perk →

⚠ Safety Note

Stablecoins are not covered by government deposit insurance schemes (like PDIC in the Philippines or SDIC in Singapore). Only use regulated platforms. Coins.ph (BSP-licensed), StraitsX (MAS-licensed), and Bybit (MAS-registered) are all compliant as of March 2026. Avoid unregulated platforms promising unusually high rates.

Regulatory Status (March 2026)

Country	Regulator	Status	Key Rule
🇸🇬 Singapore	MAS	✅ Full framework (2023)	Stablecoins must be 1:1 backed, MAS-licensed issuers only
🇵🇭 Philippines	BSP	✅ VASP licensing active	Exchanges must be BSP-registered; USDC widely accepted
🇦🇺 Australia	ASIC	🟡 Framework in progress	Stablecoins treated as financial products under review
🇯🇵 Japan	FSA	✅ Regulated since 2023	Only licensed banks/trust companies can issue stablecoins
🇮🇳 India	RBI	🔴 Restricted	Crypto broadly restricted; stablecoin use is limited

Frequently Asked Questions

Can I use stablecoins in the Philippines without a crypto wallet?

Yes. GCash and Coins.ph are app-based platforms that handle everything for you. You never need to manage a crypto wallet, private keys, or seed phrases. It works like any other mobile money app.

Is XSGD the same as the Singapore dollar?

XSGD is pegged 1:1 to the Singapore dollar and backed by SGD held in MAS-licensed financial institutions. It is not legal tender, but it is designed to always be worth exactly 1 SGD. It is issued by StraitsX, which is regulated by MAS.

How do I send money from Singapore to the Philippines using stablecoins?

The most common path is: (1) Buy USDC on a Singapore exchange like Bybit or StraitsX. (2) Send USDC to a Coins.ph wallet in the Philippines. (3) The recipient converts USDC to Philippine pesos inside the Coins.ph app. Total cost is typically under $1 and settles in minutes.

Are stablecoin earnings taxable in Singapore?

Singapore does not have capital gains tax, and the Inland Revenue Authority of Singapore (IRAS) has indicated that stablecoin interest income may be treated as income if received in a business context. For individual consumers earning yield on personal savings, the tax treatment is generally favorable, but consult a local tax advisor for your specific situation.

Ready to Start?