Stablecoin Issuer Gains Major Payment License in Singapore
Circle Singapore attains Major Payment Institution license, enabling digital and money transfer services.
Circle Internet Singapore Pte. Ltd., an affiliate of Boston-based Circle Internet Financial, LLC, announced on Wednesday its receipt of a Major Payment Institution license from the Monetary Authority of Singapore (MAS). The license enables the entity to offer digital payment token services, as well as cross-border and domestic money transfer services in the city-state.
Circle Singapore's achievement marks a significant milestone in the global expansion of digital financial infrastructure and the proliferation of dollar digital currencies. The license is also a testament to Singapore's commitment to fostering a regulatory environment that encourages fintech innovation.
Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy, commented on the news, "This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region."
Circle Internet Financial, LLC, is known worldwide as the issuer of USD Coin (USDC), the second-largest stablecoin globally. The stablecoin, which is pegged to the dollar, boasts a hefty market capitalization of US$28.6 billion, earning it the fifth spot on Coinpaprika’s list of all cryptocurrencies.
The city-state arm of the company, Circle Singapore, only recently established a physical presence in the region, officially opening its office a month prior following the receipt of an in-principle approval as a major payment institution from local authorities in November 2022. The entity's rapid growth and regulatory success are indicative of the expanding influence and acceptance of digital currencies in the traditional financial landscape.
Further reflecting Circle Singapore's commitment to cultivating talent and technological proficiency in the region, the entity partnered with Tribe, the region's first government-supported blockchain ecosystem builder, in February. The collaboration aimed to launch a training program for budding blockchain developers, indicating the significance Circle Singapore places on the technology that underpins digital currencies.
