Key takeaways
Circle has obtained its Major Payment Institution (MPI) license for digital fee token providers in Singapore.
The firm was first issued an in-principle approval in November 2022.
Circle receives a digital token licence in Singapore
Circle, the corporate that points the USDC stablecoin, introduced on Wednesday, June seventh, that it has obtained its Major Payment Institution (MPI) license for digital fee token providers in Singapore.
This newest cryptocurrency information comes after the corporate obtained in-principle approval final November.
According to the corporate, the license issued by the Monetary Authority of Singapore (MAS) permits it to supply digital fee token providers, cross-border cash switch providers and home cash switch providers in Singapore.
While commenting on this newest improvement, Jeremy Allaire, the CEO of Circle, stated;
“Singapore is integral to Circle’s global expansion and mission in raising global economic prosperity and through the frictionless exchange of value. We are honored to receive the MPI license from MAS, and we remain committed to being a part of Singapore’s dynamic economy by advancing the future of financial technology innovations in the city-state, uplifting its emerging technology and fintech sector, and creating business and career opportunities for its technology and financial industry talent.”
Circle Singapore is an affiliate of Circle Internet Financial, the corporate that points the USDC stablecoin.
Circle falls behind Tether’s USDT
Circle has seen its USDC stablecoin take a hit this yr as a result of banking disaster in the United States. As the second-largest stablecoin by market cap, USDC has fallen behind Tether’s USDT in latest months.
At the second, Tether’s USDT stablecoin has a market cap of $80.2 billion, greater than twice that of USDC ($32.75 billion).
Singapore’s MAS proposed stablecoin regulation final yr, which launched capital and reserve necessities for issuers. The regulatory company additionally seeks to ban customers from some crypto-related actions like staking and lending.
