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…
