Asia Stablecoin Index
A coverage index of USD-pegged, Asia-issued stablecoins — every measurable Asia-Pacific dollar coin, regardless of score. Supply is read onchain and scored on the same four-dimension rubric as the full market. The quality spread is the product: a low institutional-grade share is a finding, not a failure.
Measured supply
$4.92B
▼ 39.5% / 30d
Quality score
43.69
▲ 2.42 / 30d
Institutional grade
$0.00
0% of supply · score ≥ 70
Constituents
4
4 of 4 scored
The index measures quality, not size: 43.7 out of 100.
The level is not a capital total — dollar amounts and their movement live in the strip above. It is the supply-weighted trust score of every scored constituent, on the 0–100 rating scale, recomputed daily. On a coverage index a low level is the finding, not a malfunction: it rises when constituents score better or supply shifts toward stronger issuers, and falls when either reverses.
OCB Index
Asia Stablecoin Index
Which stablecoins comprise the measured supply.
Every member’s supply is measured whether or not it clears the institutional bar, so the mix below is the whole universe, not just the scored set. The share each name holds is the weight it carries in the index.
4 names, one disclosed domicile column.
Every constituent’s issuer-group HQ jurisdiction and legal issuing-entity domicile are shown side by side. Offshore issuing vehicles (BVI, Cayman) are near-universal in this market — membership follows the issuer group’s headquarters, not the entity, and the entity is disclosed rather than hidden. That disclosure is itself a quality signal, which is why it sits in the table, not a footnote.
| Ticker | Issuer | HQ jurisdiction | Legal issuing-entity domicile | Supply (USD) | Weight | Score / 100 | Band |
|---|---|---|---|---|---|---|---|
| USDG | Paxos Digital Singapore Pte. Ltd. Global Dollar — Paxos Digital Singapore, MAS Major Payment Institution licensee. | Singapore | Singapore (Paxos Digital Singapore Pte. Ltd.) | $3.3B |
The $4.89B spans 7 chains, measured natively on each.
Each member’s supply is read from every chain it mints on — native issuance only, so bridged copies never double-count. The composition below is the onchain footprint behind the headline number.
$3.29B
5 chains
$1.27B
3 chains
$290.01M
3 chains
$41.13M
2 chains
The dollar peg and an Asian issuer decide membership.
A constituent is included if all three hold:
Pegs to the dollar.
Local-currency stablecoins (yen, Singapore-dollar, and similar pegs) are excluded by rule, not by size — see “Why local-currency pegs are excluded” below.
The issuer GROUP is headquartered in APAC.
Deliberately the group, not the legal issuing entity: offshore issuing vehicles (BVI, Cayman) are near-universal in this market, and an entity-level test would exclude almost everyone and reward domicile shopping. Each constituent's legal issuing-entity domicile is disclosed per row in the table above — that disclosure is itself a quality signal, not a footnote.
Supply verifiable onchain by OCB.
Not measurable means excluded as a disclosed coverage gap, never a silent drop.
A multi-currency basket would be a USD basket with a rounding error attached.
Asia’s local-currency stablecoin universe — yen and Singapore-dollar pegs among them — was a low-single-digit fraction of the combined basket at the index’s launch (on the order of $10M, ~0.2%, verified 2026-07-27). We exclude it by rule regardless of its size, so the precise figure is a reference point, not a tracked series. Folding that sliver into a single index alongside $4.9B of USD-pegged supply would not make the index more complete — it would import currency-conversion volatility into the index level, so a move in USD/JPY would read as a change in Asian stablecoin quality, which it is not. Local-currency coins are not deleted from the map: they are sequencedinto future Japan and Singapore currency indexes, each measured against its own currency, exactly as a won or renminbi market would earn its own index rather than being averaged into someone else’s.
Four equal-weight dimensions, scored from onchain evidence.
Each member earns up to 25 points on each dimension, independent of issuer self-reporting. The band a member lands in follows directly from the total — and on a coverage index, a low band stays on the page next to its peers.
The four dimensions
Composition and chain-verifiability of what backs supply. Cash + T-bills with onchain-readable composition scores highest; synthetic crypto-collateral scores lower.
Genuine ability to exit — issuer direct redemption and DEX onchain depth at 1% slippage. A joint-path bonus applies when both paths exist.
Top-10 holder share post-exclusion of known exchange and protocol addresses. Lower concentration scores higher.
Attestation freshness, disclosure consistency over trailing 180 days, and regulatory standing. Voluntary-attestation cap applies at 19.
Institutional-grade capital over measured supply — same measure, every index.
The OCB Asia Stablecoin Index computes the same pair of numbers as every other OCB index: measured supply (all supply across the 4 constituents) and institutional-grade capital (the share of that supply sitting in an instrument scoring 70 or above). The ratio between them is the headline. Unlike a gated index, a low ratio here is not evidence of a mistake: it is the quality spread the index exists to surface. The rubric is published, versioned, and reproducible — methodology changes are version-bumped and logged publicly.
Cite: OnChain Benchmark (OCB). OCB Asia Stablecoin Index, methodology v1.0-asia-stablecoin. Retrieved from onchainbenchmark.com/index/asia-stablecoin.
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