Singapore Approves New USD Stablecoins Amid Tightening Competition
Singapore has awarded in-principle license approvals to stablecoin issuers Paxos Digital Singapore and StraitsX, intensifying the competition among Asian financial centers to capture a share of the $127 billion global stablecoin market. The move coincided with the Singapore Fintech Festival, where MAS Managing Director Ravi Menon described stablecoins as potentially playing “a useful role as...