Singapore's Stablecoin Rules: The “MAS-Regulated Stablecoin” Label and Who Can Issue

The short version: MAS finalised its stablecoin framework on 15 Aug 2023. It covers single-currency stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore. “Only stablecoin issuers that fulfil all requirements under the framework can apply to MAS for their stablecoins to be recognised and labelled as ‘MAS-regulated stablecoins’” (MAS). In 2026, MAS consulted on amendments to the Payment Services Act to implement the framework (MAS).

The Four Requirements

• Value stability: rules on the composition, valuation, custody and audit of reserve assets.
• Capital: minimum base capital and liquid assets.
• Redemption at par: issuers “must return the par value of SCS to holders within five business days from a redemption request”.
• Disclosure: a white paper, including the value-stabilising mechanism and holders' rights (MAS).

Other Stablecoins

Stablecoins outside the framework are not banned. MAS: “Other types of stablecoins will not be prohibited from being issued, used or circulated within Singapore”; they stay under the digital payment token regime (MAS response, 2023). Only stablecoins under the framework may use the label; misusing it can lead to penalties.

Stablecoin Firms Already Licensed

Several stablecoin companies already hold a MAS licence for DPT services as major payment institutions: Circle, Paxos (two companies), Ripple and StraitsX, whose three licensed companies include StraitsX SGD Issuance Pte. Ltd. and StraitsX USD Issuance Pte. Ltd. (MAS directory, read 21 Oct 2026). A DPT licence is not the same as the “MAS-regulated stablecoin” label, and this tracker does not show which tokens carry it.