Singapore Grants Stablecoin Issuer Circle In-Principle License to Offer Payment Products

Circle received its approval shortly after fellow stablecoin issuer Paxos received its own license.

Nov 2, 2022 at 2:00 a.m. UTC

Updated Nov 8, 2022 at 2:34 p.m. UTC

CDCROP: Circle Chief Strategy Officer Dante Disparte (left) and Chief Executive Officer Jeremy Allaire (Nikhilesh De/CoinDesk) — Circle Chief Strategy Officer Dante Disparte (left) and Chief Executive Officer Jeremy Allaire (Nikhilesh De/CoinDesk)

Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.

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Stablecoin issuer Circle has received an in-principle license from the Monetary Authority of Singapore (MAS), allowing it to operate as a payments company in the country.

Circle, which sought a Major Payments Institution License from the Singapore central bank, can now offer cross-border and domestic payment services, according to a press release. The company, which is behind the USDC stablecoin, can also offer token products.

Dante Disparte, Circle's chief strategy officer and head of public policy, said in a statement that the license will let the company "demonstrate the potential of digital currencies [and] open payment systems."

The license will help Circle's global expansion plans, said CEO Jeremy Allaire in a statement.

"We are honored to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore," he said.

Circle received its in-principle approval the same day fellow stablecoin issuer Paxos received a similar license from MAS.

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