MAS Dey Propose Stablecoin Regulation, Tokenization Standards

Di Monetary Authority of Singapore (MAS) don show plan for correct regulation of stablecoin. For one speech inside Singapore Fintech Festival, MD Chia Der Jiun warn say if stablecoin no dey regulated, dem fit lose their peg, wey fit cause gbege for financial stability. Di new rule go require say those wey dey issue stablecoin must get correct reserve and make sure redemption rights dey valid. MAS compare this kind thing to money-market kwa problem for 2008 and how UST/LUNA collapse wipe out $55 billion, plus Three Arrows Capital wey fail for 2022. As regulated stablecoins come dey important for system, MAS go tighten rules, make cross-border work beta and fit consider if central banks fit provide facility access. Di plan na to protect market from wahala wey de peg loss fit cause and make sure institutions fit use stablecoin well. Separately, MAS dey test wholesale CBDC and tokenized assets under Project BLOOM. E dey support tokenized assets through Project Guardian trial with banks like Citi and BNY Mellon. MAS dey urge the industry make dem use open standards and make system fit talk to each other so network no go scatter.