Kraken’s parent agreed to pay up to $600 million in May for a Hong Kong stablecoin card issuer, and the target was not an exchange or a token but plumbing, which tells you where the commercial opportunity sits in a region that reserves issuance for banks. Our pillar piece from Money Moves East: The Stablecoin Corridors in Asia in 2026 maps the operators building APAC’s stack by use case: - @_CapitalLayer connecting banks to on-chain settlement in the Taiwan–Japan–Korea trade corridor. - @reapglobal turning stablecoin treasury into corporate card spend. - @TripleAHQ running merchant acceptance with 15–20% of APAC merchant volume now on stablecoin checkout. - @Stabo2025 managing collections and treasury under a Hong Kong trust structure. - @movantis_global bringing its hybrid fiat-plus-stablecoin remittance model to the Philippines, India, and Indonesia. The common thread across all five: nobody is replacing fiat rails, they are adding a second one and routing each transaction through whichever is optimal under one compliance standard. Read the full analysis: