The Major Payment Institution license from the MAS approves Circle to provide users in Singapore with local and cross-border payment infrastructure. Also, the company is now regulated to offer digital payment token services. Approval from DPT services is highly sort after in Singapore and the MAS is notorious for issuing few licenses for this service.
Circle and Paxos initially received provisional approval as MPIs back in November.
Singapore is a springboard for Circle’s international expansion and operations in the greater Asia region, CEO Jeremy Allaire said. The company could be looking to broaden its services and tap new markets after USDC’s market cap took a blow during the U.S. bank crisis earlier this year.
USDC’s market cap hovered peaked at $55 billion in July 2022 before sliding down to around $22 billion in June 2023.
The decision from the MAS also signals a pivot toward digital currency adoption and stablecoin, Allaire suggested.
This milestone signifies a huge step forward for the future of regulated, transparent, and trusted dollar digital currencies in Singapore and the greater Asia region
Circle Shouldering On After USDC Market Slump
Indeed, the stablecoin issuer has announced a raft of developments after its USDC stablecoin was hammered by banking issues in the U.S. Circle unveiled greater USDC utility within Ethereum and Avalanche’s ecosystem with the launch of its Cross-Chain Transfer Protocol (CCTP).