Circle Singapore has successfully received its Major Payment Institution (MPI) license for digital payment token services in the country. The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the island state.
This includes the Circle Account which allows institutional customers access to USDC that is available 24/7. According to latest announcement, the Monetary Authority of Singapore (MAS) has granted CIrcle Singapore the necessary license to provide digital payment token services, as well ascross-border and domestic money transfer services within the city-state.
However, institutional customers will now have the opportunity to utilize the Circle Account, enabling them to leverage USDC, the world’s second-largest stablecoin. Circle Singapore is a subsidiary of Circle Internet Financial, which is the issuer of USDC, the second-largest stablecoin by market cap.
The Monetary Authority of Singapore proposed stablecoin rules last year which set capital and reserve requirements for issuers. They also seek to ban users from activities like lending and staking, which lets users lock crypto to earn interest.