Open Standard, ASEAN (Indo vs Thailand/Malaysia), Indonesia Forum (9/2-3)

Research evidence excerpt

Open Standard, ASEAN (Indo vs Thailand/Malaysia), Indonesia Forum (9/2-3)

Specialist Sales

APAC Specialist Sales J P M O R G A N

01 July 2026

Open Standard, ASEAN (Indo vs Thailand/Malaysia), Indonesia

Forum (9/2-3)

Ayano Tsunoda

+81 3 6736 7628

ayano.tsunoda@jpmorgan.com

Key topics in today’s daily:

• Open Standard: A consortium of 140+ announced to launch Open USD, Circle -18%

• ASEAN: Improving macro backdrops in Malaysia and Thailand, as we still wait for Indonesia’s 2027 draft budget details

in Aug (JPM Indonesia Forum on Sep 2-3)

Today - Macro: PMI (Australia, Japan, China, Korea, Taiwan, India, Vietnam, Thailand, Malaysia, Indonesia, Philippines), Japan

(Tankan, Consumer Survey), Indonesia (CPI, Trade), Markets Closed (HK)

Good morning,

Happy July! The word of the day is “Open Standard.” A consortium of more than 140 companies, including Google, Visa, and

many of our APAC banks like STAN, DBS, SMFG, CBA, announced the launch of a US dollar–backed stablecoin called Open

USD. Circle was -18% on the news. While some HFs have been shorting on competition risk, the announcement seems to be a big

“game on” moment, esp considering the difference in business models. Unlike Circle, which pockets the interest generated by

reserves, the Open USD returns nearly all of it back to the partner businesses driving adoption. (Open Standard’s announcement

has full list of participants: Link, Forbes: Link)

In ASEAN, while we continue to wait for Indonesia’s fiscal credibility (Aug is the key timeline), growth outlooks of Thailand

and Malaysia are improving. Charnon raised his above-consensus 2026 real GDP forecast for Thailand further from 2.1% to 2.8%

(vs consensus 1.9%, 2.4% in 2025), reflecting the boost from the fiscal stimulus (2.1% of GDP) supported by political stability