Stablecoins have become the hottest topic in Asia’s banking industry, with financial institutions drawn to their promise of fast, round-the-clock cross-border payments. Yet analysts caution that, in the near term, the technology could leave payments more fragmented, as regulation and infrastructure vary widely from market to market. On page 8, analysts and executives from Standard Chartered, KPMG, Visa, and HSBC weigh in on the real cost of stablecoins.