The Monetary Authority of Singapore grants in-principle approval to Circle Internet Financial, a USDC stablecoin issuer, to have a Major Payments Institution License (MAS). In the city-state, the business will offer cross-border and domestic transfer services, as well as digital payment token goods. Additionally, Circle aims to promote institutional cryptocurrency use of USD Coin (USDC) on Singapore's DeFi and Web3.
Singapore's Monetary Authority Grants Circle Approval
In a press release on November 2, Circle stated that it has been granted a Major Payments Institution License by the MAS, enabling it to provide cryptocurrency services in Singapore, including digital payment token products and cross-border and domestic transfer services.
The license will increase Circle's regional influence and help Singapore become a thriving center for the cryptocurrency industry. Singapore is critical for Circle's regional and worldwide expansion, according to Jeremy Allaire, CEO of Circle. Allaire wants to work with the MAS on blockchain and cryptocurrency developments in Singapore.
Circle's chief strategy officer, Dante Disparte, said:
“This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”
Circle previously recognized Singapore as a crypto hotspot in Asia, given that it is the region's principal financial center. In order to expand its presence in Singapore, the USDC issuer really kept employing. In the meantime, the MAS tightens rules and last month granted licenses to cryptocurrency firms like Coinbase and Blockchain.com.
Circle executives Jeremy Allaire and Dante Disparte will speak about the future of digital assets during the Singapore Fintech Festival from November 2 to 4. On the first day of the Singapore Fintech Festival, another stablecoin issuer, Paxos, also acquired the same digital-token payment services license from the MAS.
USDC Stablecoin's Market Cap Declines
The market cap of USDC stablecoin has been damaged by the bear market. In recent months, the market worth has decreased to $43 billion.
In the meantime, Circle promotes the adoption of USDC globally in DeFi and Web3. Circle aims to facilitate international transfers of money as well as self-custody of the USDC stablecoin.
Recently, the SPAC firm's plan to acquire Circle was delayed while it sought stockholder approval. With the help of SPAC company Concord Acquisition Group, Circle plans to go public.