Circle Singapore has now received its Major Payment Institution (MPI) license for digital payment token services in Singapore, after having obtained in-principle approval last November.
The license issued by the Monetary Authority of Singapore (MAS) allows Circle Singapore to offer digital payment token services, cross-border money transfer services and domestic money transfer services in the city-state, the firm announced on Wednesday.
Circle Singapore is an affiliate of Circle Internet Financial, which is the issuer of USDC, the second-largest stablecoin by market cap.
The MAS 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.