Asia Dollar Stablecoin Index
A coverage index of USD-pegged, Asia-issued stablecoins — every rated Asia-Pacific dollar coin that clears the size bar, regardless of score. Supply is read onchain and scored on the same four-dimension rubric as the full market.
Measured supply
$3.3B
▼ 4.1% / 6d
Quality score
62.3
▼ 2.2 / 6d
Institutional-grade
$3.0B
90% of supply · score ≥ 70
Constituents
3
3 of 3 scored
$3.3B across 11 chains, down 5.5% since Oct 2, 2026.
This is every member’s supply, read natively on each chain it is issued on, at each daily close. The series starts on Oct 2, 2026.
OnChain Benchmark Asia Dollar Stablecoin Index
Asia-issued supply by chain
Size is not weight.
USDG is 90.0% of the members’ supply but carries 33.3% of the index weight: with 3 members the weighting cap cannot be met, so the weighting rule falls back to equal weights, and no single issuer decides the level. Each member’s quality score is listed in the constituents table below.
OnChain Benchmark Asia Dollar Stablecoin Index
Share of supply and index weight
3 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.
| Instrument | HQ | Domicile | Score | Tier | Supply▼ |
|---|---|---|---|---|---|
| XUSD | Singapore | Singapore | 50.6 | Limited | $34.2M |
| USDG | Singapore | Singapore | 75.0 | Institutional-grade | $3.0B |
| FDUSD | Hong Kong | BVI | 61.3 | Developing | $300.4M |
USDG $3.0B · FDUSD $300.4M · XUSD $34.2M · total $3.3B · top-1 33.3% · 3 constituents · 3 of 3 scored · methodology v2.2
These coins' capital is valued at their 1:1 redemption price when no trading pool holds at least $250,000 at a daily close. If the most liquid observed price falls outside $0.97–$1.03, the figure is withheld instead.
Four rules decide membership.
A constituent is included if all four hold:
Pegs to the US dollar and pays holders no yield.
A coin that pays its holders a yield is a different product and is excluded. Local-currency stablecoins (yen, Singapore-dollar and similar pegs) are excluded by rule, not by size: Asia has no single currency, and mixing pegs would make exchange-rate moves look like changes in quality.
Its legal issuer of record is in Asia-Pacific.
A coin is placed by its legal issuer’s country of incorporation; for an offshore vehicle, such as a BVI company, the index looks through to where the group is headquartered and run. A coin with more than one issuer is placed by its first issuer of record: USDG is also issued in the EU by Paxos Issuance Europe, and the index places it with Paxos Digital Singapore. A coin that discloses no legal issuer is excluded. Each constituent’s legal issuer domicile is shown in the table above.
Holds a published OnChain Benchmark rating.
A coin we have not yet rated is not a constituent. A low rating does not exclude a coin; only the absence of a rating does.
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.
OnChain Benchmark Asia Dollar Stablecoin Index
Points by dimension, of 25
One published rubric, applied to every coin in every index.
The OnChain Benchmark Asia Dollar Stablecoin Index rates every constituent on the same published rubric as every other OnChain Benchmark index: reserve quality, redemption depth, holder concentration and transparency, 25 points each. Membership does not depend on the score; the index includes every qualifying coin and publishes each one’s rating. The rubric is versioned, and methodology changes are logged publicly.
Cite: OnChain Benchmark. OnChain Benchmark Asia Dollar Stablecoin Index, methodology v2.2. Retrieved from onchainbenchmark.com/index/asia-stablecoin.
Read the methodology →Related indexes