Stablecoin momentum gains traction: Gaoshan Enterprise expands into ASEAN, USD1 joins Binance reserves!

These two incidents not only underscore the diversified expansion of the stablecoin market but also reflect institutional capital's sustained optimism towards this sector, introducing new variables into the global stablecoin industry's development.

Regional market positioning has emerged as a new focal point in stablecoin competition. On 24 December, Gaoshan Enterprises announced plans to establish a joint venture in the Cayman Islands with Futu and others, raising US$4.5 million to develop stablecoin operations in ASEAN. As an offshore financial centre with flexible regulations conducive to cross-border operations, the Cayman Islands offers an ideal base to address ASEAN's cross-border payment and trade settlement requirements. With its vibrant economy and frequent cross-border capital flows, the region presents substantial application potential for stablecoins, which offer stable value and efficient transfers. Gaoshan Enterprises' partnership with Futu is expected to leverage Futu's fintech technology and channel advantages alongside Gaoshan's capital strength to seize early market opportunities in ASEAN.

Meanwhile, endorsement from leading crypto ecosystems is propelling emerging stablecoins. In December, the Binance ecosystem announced the inclusion of USD1—issued by WLFI, a firm linked to the Trump family—into its reserve assets, significantly boosting its market recognition and liquidity. Data indicates USD1 achieved a market capitalisation of $2.7 billion within just nine months of launch, ranking among the fastest-growing stablecoins by 2025. USD1 maintains a 1:1 peg to the US dollar, is fully backed by cash equivalents such as US Treasury bills, and is custodied by BitGo. Its compliance and security features were pivotal in securing Binance's endorsement. Furthermore, the Trump family's active involvement in promotion has generated substantial market attention, accelerating its market penetration.

These two developments reflect the expansion and evolving landscape of the global stablecoin market. By August 2025, the aggregate market capitalisation of stablecoins exceeded US$280 billion – a 660-fold increase since early 2019 – with on-chain settlement volumes surpassing US$30 trillion, rivalling the payment volumes of SWIFT and Visa. Historically dominated by USDT and USDC, the market now sees regional and specialised stablecoins emerging as regulations mature and applications expand. Gaoshan Enterprises' ASEAN expansion targets regionally differentiated demands, while USD1's rise underscores the critical importance of brand recognition and regulatory compliance for emerging stablecoins.