Stablecoin issuer Circle received an in-principle licence from Singapore to offer payment products, the same day Paxos received a similar licence. nikhileshde reports.
Stablecoin issuer Circle has received an in-principle license from the Monetary Authority of Singapore , allowing it to operate as a payments company in the country.
Circle, which sought a Major Payments Institution License from the Singapore central bank, can now offer cross-border and domestic payment services, according to a press release. The company, which is behind the USDC stablecoin, can also offer token products. Dante Disparte, Circle's chief strategy officer and head of public policy, said in a statement that the license will let the company"demonstrate the potential of digital currencies [and] open payment systems.""We are honored to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore," he said.
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