MAS Single-Currency Stablecoin framework regulation
Overview
On 15 August 2023 the Monetary Authority of Singapore announced the final features of its stablecoin regulatory framework, following a public consultation launched in October 2022. The framework applies to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency and issued in Singapore. Issuers must hold reserve assets valued at least 100% of outstanding stablecoins in circulation at all times, and are subject to redemption, capital and disclosure requirements including a white paper. Only issuers meeting all requirements may apply to have their tokens recognised and labelled as "MAS-regulated stablecoins."
Within the DeFi Intel graph, MAS Single-Currency Stablecoin framework connects to 4 tracked entities, most strongly to MAS, Singapore, StraitsX.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 4 of 4 total).
| Relation | Connected entity | Confidence |
|---|---|---|
proposed_by | MAS | 96% |
governs | Singapore | 95% |
complies_with | StraitsX | 90% |
governs | FSB High-level Recommendations for Global Stablecoin Arrangements | 78% |
Frequently asked questions
When did MAS finalise its stablecoin framework?
On 15 August 2023, following an October 2022 public consultation.
Which stablecoins does the framework cover?
Single-currency stablecoins issued in Singapore that are pegged to the Singapore dollar or a G10 currency.
What is the reserve requirement?
Reserve assets must be valued at not less than 100% of the outstanding stablecoins in circulation at all times.
Sources
Facts on this page were verified against the following sources.