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USDC stablecoin issuer Circle Internet Financial receives in-principle approval as a Major Payments Institution License holder from the Monetary Authority of Singapore (MAS). The company will provide digital payment token products, cross-border and domestic transfer services in the city-state. Moreover, Circle looks to drive institutional crypto adoption of USD Coin (USDC) in DeFi and Web3 in Singapore.
Circle Gets Approval from the Monetary Authority of Singapore
According to a press release on November 2, Circle announced receiving a Major Payments Institution License from the MAS that allows the firm to offer crypto services including digital payment token products and cross-border and domestic transfer services in Singapore.
The license will strengthen Circle’s presence in the region, as well as, drive economic growth and flourish crypto hub in Singapore. Jeremy Allaire, CEO of Circle, believes Singapore is important for the regional and global expansion of Circle. Allaire looks to collaborate with the MAS on crypto and blockchain developments in Singapore.
Dante Disparte, chief strategy officer at Circle, said:
“This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”
With Singapore as the world’s major financial hub, Circle earlier identified it as a crypto hub in Asia. In fact, the USDC issuer continued hiring to grow its presence in Singapore. Meanwhile, the MAS tightens regulations and offered licenses to crypto companies including Coinbase and Blockchain.com last month.
During the Singapore Fintech Festival from November 2-4, Circle executives Jeremy Allaire and Dante Disparte will speak about the future of digital assets. Furthermore, another stablecoin issuer Paxos received the same digital-token payment services license from the MAS on the first day of the Singapore Fintech Festival.
USDC Stablecoin Losing Market Cap
The bear market has impacted the market cap of USDC stablecoin. Currently, the market cap has fallen to $43 billion in the last few months.
Meanwhile, Circle pushes for global USDC adoption in DeFi and Web3. Circle aims to support cross-border remittances and self-custody of USDC stablecoin.
Recently, Circle’s acquisition by a SPAC suffers a delay as the SPAC firm seeks stockholders’ approval on the proposal. Circle looks to go public with SPAC firm Concord Acquisition Group.
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