Circle approuvé par la MAS pour fournir des services USDC à Singapour

Circle, basé aux États‑Unis, qui a lancé le stablecoin USDC en partenariat avec Coinbase en 2018, a obtenu une licence de l’autorité financière de Singapour pour agir en tant qu’institution de paiement majeure. La même licence a été obtenue par Paxos, la société derrière le stablecoin USDP.

Circle autorisé par la MAS à fonctionner en tant qu’institution de paiement majeure

Circle, la société derrière le stablecoin USDC, announced on Wednesday that it had received in-principle approval as a Major Payments Institution License holder from the Monetary Authority of Singapore (MAS). The license enables Circle to provide digital payment token products as well as cross-border and domestic transfer services in Singapore.

Circle CEO Jeremy Allaire said:

« En tant que l’un des principaux centres financiers mondiaux, Singapour est essentiel aux plans d’expansion régionale et mondiale de Circle visant à accroître la prospérité économique globale. Nous sommes honorés de recevoir cette licence de principe et nous attendons avec impatience davantage de collaborations avec la MAS pour soutenir l’écosystème florissant de la crypto et de la blockchain ainsi que le progrès de l’innovation fintech à Singapour. »

Dante Disparte, Circle’s Chief Strategy Officer, said that the license allowed the company to contribute to Singapore’s position as a global hub for digital assets.

Previously, Circle named Singapore its principal hub in Asia. It continues to hire staff for the Singapore-based office.

Singapore is one of the most crypto-friendly countries in the world, and MAS is open to digital currency adoption. For example, it announced Project Guardian in May of this year to explore crypto and decentralized finance (DeFi) use cases.

On Wednesday, MAS announced the first industry pilot under its Project Guardian. Under the pilot, DBS Bank, JP Morgan, and SBI Digital Asset Holdings carried out forex and bond transactions against liquidity pools containing tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY), and Singapore Dollar (SGD). MAS, which acts both as the central bank and the main financial watchdog, said the pilot succeeded with a live cross-currency transaction involving tokenized JPY and SGD.

At the end of October, MAS released two consultation papers proposing regulation of cryptocurrency trading and support for the development of stablecoins as “a credible medium of exchange.” The measures will be part of the Payment Services Act. The regulator said in its statement:

« Les stablecoins ont le potentiel d’être un moyen d’échange pour faciliter les transactions dans l’écosystème des actifs numériques, à condition qu’ils soient bien régulés et sécurisés. Le cadre réglementaire actuel, qui traite principalement des risques de blanchiment d’argent, de financement du terrorisme, ainsi que des risques technologiques et cybernétiques, sera élargi afin de garantir que les stablecoins régulés bénéficient d’un haut degré de stabilité de valeur. »

Circle’s USDC has received the green light from MAS as it is fully backed by cash and short-dated US treasuries. The reserves are held in the custody of the likes of BlackRock (BLK ) and BNY Mellon.

USDC has been one of the fastest-growing stablecoins since 2021, especially in the DeFi sector. It currently has a market cap of over $42 billion, making it the fifth-largest cryptocurrency after BNB.

Paxos Also Gets MAS License

Paxos, the US-based company behind the USD-backed stablecoin Paxos Dollar (USDP), announced that it had obtained the same license from MAS. Like Circle, it can now provide digital payment token services under the Payment Services Act 2019. Paxos is now promoting itself as the first US-based blockchain-based platform to obtain a license as a Major Payments Institution, as it received the MAS approval hours before Circle.

Thanks to the license, Paxos can offer its stablecoin and blockchain products and services to businesses operating in Singapore. The new status will help the company support its current partners in expanding their services into Asia.

Paxos Asia CEO Rich Teo said:

« Nous sommes honorés d’être l’une des premières plateformes blockchain basées aux États‑Unis à obtenir cette licence importante de la MAS. Nous croyons que la blockchain et les actifs numériques révolutionneront la finance pour tous dans le monde, mais le développement de cette technologie doit être encadré par une supervision claire et des protections pour les consommateurs. Nous sommes ravis d’avoir la MAS comme régulateur. Paxos accélérera en toute sécurité l’adoption des actifs numériques par les consommateurs à l’échelle mondiale, en partenariat avec les plus grandes entreprises du monde. »

USDP is a fiat collateralized stablecoin that pegs to the US dollar. Like Circle, Paxos is subject to regulatory oversight by the New York State Department of Financial Services, and now by MAS. USDP’s market cap is currently under $950 million.

Circle and Paxos Top Executives Speak at Singapore Tech Festival

At the beginning of November, Singapore is hosting one of the most important events dedicated to blockchain, digital currencies and DeFi. The four-day event attracts thousands of visitors, as the list of speakers includes Coinbase CEO Brian Armstrong, Binance CEO Changpeng Zhao, Melinda French Gates, and Microsoft (MSFT ) Executive VP Christopher Young, among others.

Circle’s Jeremy Allaire and Dante Disparte will also be taking the stage at the Singapore Tech Festival, speaking about the long-term viability and the future outlook of digital assets. On Tuesday, Paxos CEO Richmond Teo delivered a speech during a panel titled “Stablecoins: The Future that is your Money.”

MAS representatives were also present at the event, with Lawrence Wong, Singapore’s Deputy Prime Minister and Minister for Finance and MAS’ Deputy Chairman, delivering an opening address, during which he said:

« La MAS a clairement exprimé notre position concernant le trading spéculatif des cryptomonnaies par les investisseurs particuliers – nous estimons que cela est très risqué, inadapté au grand public, et nous visons à réduire le risque de préjudice potentiel pour les consommateurs. Mais il ne fait aucun doute que nous adoptons pleinement les technologies sous‑jacentes des registres distribués, ainsi que le potentiel qu’elles ont de transformer les marchés financiers. En bref, nous visons à devenir un centre d’activités innovantes et responsables liées aux actifs numériques. »

He added that technology, including blockchain, could enhance Singapore’s connectivity to other countries. For example, it can improve the speed and scale of retail payments, helping local businesses to reduce costs and have better access to foreign markets.