Taiwan
ABMedia
Yu Zhe-an's View: New Taiwan Dollar Stablecoin Won't Go On-Chain First — Debate Is Really About Political Standing
- FSC opened bank applications on September 22, 2026 for a deposit-token pilot; the deposit token remains legally a bank deposit (interest-bearing, covered by deposit insurance, subject to reserve requirements), distinct from stablecoins under the Virtual Asset Service Act, which are barred from paying any interest.
- Yu Zhe-an argues the NTD lacks the USD's global-circulation motive and faces FX controls, so a future NTD stablecoin would likely compete with domestic payment tools rather than launch on a public chain first — consistent with the central bank's September 18 briefing citing Taiwan's already comprehensive payment system and limited demand for NTD-denominated virtual-asset trading media.
- The Virtual Asset Service Act passed its third reading on June 30, 2026, incorporating central-bank-recommended rules on 100% reserve assets (partly held at the central bank), auditing, and disclosure; FSC Chairman Peng Jin-lung said in September that nine related sub-regulations, including stablecoin rules, are expected to take effect as early as Q1 next year, while Banking Bureau Director-General Tong Cheng-chang said the interested pilot bank would likely start with intra-bank-only deposit tokens, not interbank settlement.