Singapore MAS Proposes Formal Stablecoin Regulations

Singapore’s Monetary Authority (MAS) has opened a public consultation on amendments to the 2019 Payment Services Act, proposing to place its stablecoin framework into law. The consultation closes on 16 October 2026, and the proposals are not yet enacted. The proposed stablecoin regulations would enforce requirements for reserve assets, capital, redemption at par, value stability and user disclosures. Issuers would also need stress tests, recovery plans and orderly wind-down procedures. Regulated issuers would be barred from paying interest on stablecoins. MAS is considering allowing qualifying jointly issued Singapore-foreign stablecoins to use the “MAS-regulated stablecoin” designation. It may also recognise a limited number of overseas-issued stablecoins operating under comparable rules, mainly for cross-border wholesale use. Only licensed issuers could market tokens under the MAS-regulated label; other stablecoins would remain digital payment tokens under Singapore’s Payment Services Act. The stablecoin regulations could improve confidence, liquidity quality and institutional participation over the long term, but may raise compliance costs and reduce access to yield-bearing products. The proposals are relevant to Singapore’s payment and tokenised-finance projects, including BLOOM and a Visa-Nium settlement pilot. A separate market view suggested a modestly higher chance of STRC reaching $100, but that forecast is unrelated to MAS policy and is not a direct trading signal.