Stablecoins are Getting Popular in Asia

Singapore's Monetary Authority has granted in-license approvals to stablecoin issuers Paxos Digital Singapore Pte and StraitsX during the November FinTech Festival

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Outgoing MAS CEO Ravi Menon cautiously supports stablecoins, acknowledging their potential as "digital money" while maintaining an overall cautious stance on cryptocurrencies

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Singapore aims to become a digital asset hub, focusing on institutional investors, by introducing a regulatory framework for stablecoins

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The framework ensures stability through requirements for reserves and positions the country competitively against Hong Kong

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The MAS's stablecoin regulation mandates holding reserves in low-risk, highly liquid assets, exceeding the stablecoin's value in circulation to ensure credibility

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