- Singapore has granted in-principle license approvals to stablecoin issuers Paxos Digital Singapore and StraitsX.
- The approvals coincide with the Singapore Fintech Festival.
- MAS Managing Director Ravi Menon highlights the potential of stablecoins as “digital money” if properly regulated.
Singapore has awarded in-principle license approvals to stablecoin issuers Paxos Digital Singapore and StraitsX, intensifying the competition among Asian financial centers to capture a share of the $127 billion global stablecoin market.
The move coincided with the Singapore Fintech Festival, where MAS Managing Director Ravi Menon described stablecoins as potentially playing “a useful role as digital money” if properly regulated.
According to Menon, Paxos and StraitsX “substantively comply” with MAS’s upcoming stablecoin framework. The forthcoming regulations will apply to stablecoins pegged to the Singapore dollar or any G10 currency, covering areas like reserve assets, redemption rights, and disclosure standards.
Both Paxos and StraitsX plan to issue stablecoins pegged to the US dollar after receiving MAS approval. StraitsX also intends to bring its existing Singapore d…
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