Circle, the company behind the popular USDC stablecoin, just got an official greenlight to operate in Singapore. After receiving an in-principle approval in November last year, Circle’s Singapore branch has obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The Singapore license means Circle can now offer USDC to even more people and businesses in Asia.

USDC is one of the most popular and trusted stablecoins. Issued by Circle, each USDC token is backed 1:1 with US dollars held in what the company says are highly liquid fiat reserves.

What Does the Digital Token License Allow?

According to the license from the country’s central bank, Circle Singapore is now able to provide various services. These services include domestic and international money transfers within Singapore, as well as services pertaining to digital payment tokens. 

As the issuer of the second biggest stablecoin in terms of market cap, Circle is well-positioned for the growth of the blockchain and web3 ecosystems in the Asian market. The new digital token license allows Circle to operate with more confidence and support in this key region. 

Overall, Singapore rolled out the red carpet for Circle and other cryptocurrency companies looking to expand into Asia. With its friendly regulatory environment, access to markets, and available talent, Singapore offers fertile ground for Circle’s stablecoin to take root and thrive. 

“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value,” said Jeremy Allaire, Co-Founder and CEO of Circle.

USDC market cap sitting at $28.66 billion | Source: Market Cap USDC on TradingView.com

The Future Of The Regulation Of Digital Assets

The crypto industry is known to be a target of regulatory bodies in recent years, particularly in Europe and the US. This week alone, the US

Go to Source to See Full Article
Author: Scott Matherson

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details