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

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

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

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

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