This policy perspectives paper argues that reserve-centric oversight is not sufficient for recipient jurisdictions. Most local users do not exit through direct issuer redemption. They exit through secondary market trading and banking or payment channels, where retail convertibility is shaped in practice. The paper shows how retail convertibility can weaken when stress impairs par transmission or fiat cash-out, even if reserves appear sound and the primary market anchor remains intact. It develops a two-stage framework for retail convertibility, maps the main frictions to corresponding policy measures, and shows how those measures can be applied through enforceable onshore touchpoints. It then applies that framework to the ASEAN+3 region, where offshore foreign currency stablecoins are the immediate policy issue and where future local currency arrangements may require different calibration depending on domestic policy objectives.