O Diário Econômico indica que "esses 6 bancos" podem lançar stablecoins primeiro! Quais são as oportunidades de negócios com stablecoins em Taiwan?

Taiwan “Virtual Asset Service Law” in progress, the market is optimistic that 6 banks including CTBC may be the first to issue stablecoins. Although the Taiwan dollar stablecoin曾黯然退場 in the past, the Financial Supervisory Commission is optimistic that driven by supply chain payments, the New Taiwan dollar stablecoin will meet actual demand.

Taiwan’s 6 banks as potential issuers of stablecoins

The draft of Taiwan’s “Virtual Asset Service Law” has been approved by the Executive Yuan, although it has not yet passed the third reading in the Legislative Yuan, the FSC is actively drafting subsidiary regulations, initially planning to only allow domestic financial institutions to issue stablecoins, encouraging many operators to try.

According to the “Economic Daily News,” there are 6 banks rumored to be the first to issue stablecoins: CTBC Bank, Cathay United Bank, Taishin Bank, KGI Bank, Union Bank, and Taipei Fubon Bank.

These 6 banks’ strategies related to blockchain and virtual assets are summarized as follows:

1. CTBC Bank: Approved by the FSC to pilot virtual asset custody services, focusing initially on Bitcoin and Ethereum, managed through cold wallets and private key sharding technology, and in 2025 publicly recruited blockchain engineers.
2. Cathay United Bank: Approved to pilot virtual asset custody, targeting high-net-worth individual clients, and participating in the FSC RWA tokenization group, planning to trial on-chain bond issuance.
3. Taishin Bank: Currently receiving custody service guidance, recently collaborating with Taiwan Exchange HOYA BIT on New Taiwan dollar trust services, providing 24/7 deposit and withdrawal services.
4. KGI Bank: After obtaining pilot qualification, partnering with MaiCoin, BitoPro, and other legitimate Taiwanese trading platforms, transferring some assets to bank cold wallets for custody, and previously launching the “KGI Coin Enjoy Card” for card rewards in cryptocurrency.
5. Union Bank: Besides being approved for custody services, also acquired about 9.67% equity in MaiCoin through investment, strengthening its participation in Taiwan’s crypto market.
6. Fubon Bank: Fubon established “TWEX Taiwan Big Virtual Asset Exchange” through Taiwan Mobile, with trust custody and cold wallet technology provided by Fubon.

In addition to these banks, Taiwan state-owned banks “First Commercial Bank” and “Hua Nan Bank” also expressed strong interest in stablecoins to the “Commercial Times”; E.SUN Financial Holding Chairman has also stated that the institution will not miss out on the stablecoin and tokenization markets.

Furthermore, blockchain enterprise settlement infrastructure provider Capital Layer and Taiwan’s largest system integrator, DunYang Technology, are also seen as strategic partners in stablecoin deployment.

2018, Taiwan’s first “Taiwan dollar stablecoin” quietly exited

On the other hand, years ago, Taiwan’s third-party payment provider Green World Fintech Services launched CryptoDT blockchain financial services and issued Taiwan dollar stablecoin (TWDT-ETH), using Ethereum ERC-20 token standard, each pegged 1:1 to the New Taiwan dollar, with circulating Taiwan dollar stablecoins representing trust account holdings of NT$1, and total tokens equal to the trust balance, with regular disclosures and accountant certification.

Recently, the company has repeatedly stated that “stablecoins are stored-value cards” and criticized stablecoins as hype by crypto YouTuber Qu Bo Technology Classroom, back then, they actually praised Taiwan dollar stablecoin as “Taiwan’s first stablecoin,” expressing high expectations for blockchain development in Taiwan.

Image source: Qu Bo Technology Classroom official page. The Taiwan dollar stablecoin launched by Green World Fintech was regarded as Taiwan’s first “Taiwan dollar stablecoin” at the time.

However, Taiwan dollar stablecoin lacked market demand and application scenarios, quickly delisted from partner exchanges and quietly exited. As Taiwan’s legal framework becomes clearer and international attention on stablecoins increases, whether Green World will restart or attract other payment providers to compete for this market remains to be seen.

Will Taiwan’s stablecoin be ready by 2026?

According to current draft regulations, stablecoin issuers must maintain reserves of fiat currency received, and are not allowed to pay interest or rewards, raising questions about future profit models for issuers.

Informed sources told the “Economic Daily News” that the purpose of banks issuing stablecoins is to further explore opportunities in blockchain finance and real-world asset tokenization (RWA).

Deputy Chairperson of the FSC, Zhuang Xiuyuan, previously revealed that some Taiwanese import-export traders have begun actual transactions using stablecoins. As the amount of stablecoins held by traders gradually increases, they will inevitably seek to connect with traditional financial institutions.

After years of failure of Taiwan dollar stablecoin, is the market truly ready for Taiwan’s stablecoin? Zhuang Xiuyuan said, she is optimistic that driven by supply chain payment demands, domestic demand for New Taiwan dollar stablecoins will emerge, and the role of financial institutions at this time is to provide seamless integration between fiat and stablecoins.

Further reading:
Mega Bank tests stablecoin controversy! Blockchain experts mock: Nobel Prize level discourse, Yu Zhe’an and crypto editor also responded to the latest 2026 draft of the “Virtual Asset Service Law” summary: stablecoins, licenses, penalties explained