Recently, I noticed that the virtual currency market in Taiwan is a bit different now.

With the draft of the "Virtual Asset Service Act" passing through the Executive Yuan, the Financial Supervisory Commission has begun actively promoting subsidiary regulations related to stablecoins, quietly changing the entire ecosystem.

There are rumors that six banks are preparing to be the first to issue stablecoins, including CTBC Bank, Cathay United Bank, Taishin Bank, KGI Bank, Union Bank, and Taipei Fubon Bank.
These banks have already started their布局.
CTBC has been approved to pilot virtual asset custody services, focusing on Bitcoin and Ethereum, managing with cold wallets and shard private key technology;
Cathay United Bank targets high-net-worth clients and also participates in the FSC’s RWA tokenization group;
Taishin collaborates with HOYA BIT to offer New Taiwan dollar trust services;
KGI Bank teams up with MaiCoin, Bito, and other trading platforms to promote crypto cashback cards;
Union Bank even invested about 9.67% equity in MaiCoin;
Fubon, through Taiwan Mobile, established a virtual asset exchange.

Interestingly, First Bank and Hua Nan Bank have also expressed strong interest, and Yushan Financial Holdings’ chairman said they will not be absent from this market.
Even actions from blockchain infrastructure provider Capital Layer are seen as part of their布局 for stablecoins.

But this isn’t Taiwan’s first attempt.
In 2018, E.SUN Tech launched Taiwan Hengbi, claiming to be Taiwan’s first TWD stablecoin, which was praised by tech YouTuber Sheng, but quickly delisted due to lack of application scenarios and market demand.
That failure left a lesson.

Will this time be different?
According to the current draft, stablecoin issuers must maintain fiat reserves and cannot pay interest.
The real goal of banks is to seize opportunities in blockchain finance and RWA.
The Vice Chair of the FSC revealed that Taiwanese import-export traders have already started actual transactions with stablecoins, and once they reach a certain scale, they will naturally connect with traditional financial institutions.

So the question becomes:
Is Taiwan’s virtual currency market infrastructure truly ready this time?
From the perspective of supply chain payment needs, the market demand for New Taiwan dollar stablecoins is indeed brewing.
Banks play the role of a bridge between fiat currency and stablecoins.
Compared to the exploration in 2018, this time there is policy support, multiple financial institutions involved, and actual commercial scenarios—feeling quite different.