Regulation · Regime · Singapore · Policy statement (final rules) · Monetary Authority of Singapore
MAS single-currency stablecoin (SCS) regulatory framework
Singapore's framework for single-currency stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore. Finalised as policy in August 2023; only compliant issuers may call their tokens "MAS-regulated stablecoins". MAS is now writing it into the Payment Services Act, with a new stablecoin issuance licence, and consulted on the draft amendments in September-October 2026.
Final, not yet in force
Key points
- Reserve assets must meet requirements on composition, valuation, custody and audit.[1]
- Issuers must hold minimum base capital and liquid assets.[1]
- Holders must be able to redeem at par within five business days of a request.[1]
- Issuers must disclose how the stabilising mechanism works, holder rights and reserve audit results.[1]
- Draft amendments would bar interest on MAS-regulated stablecoins and require stress testing, recovery and wind-down plans, and safeguarding of customer money received before issuance.[2]
- The amendments would create a new 'stablecoin issuance' licence class under the Payment Services Act; only licensees could hold themselves out as issuers of MAS-regulated stablecoins.[3]
- Licensed issuers would be confined to issuing MAS-regulated stablecoins: no other payment services, capital markets services, banking business or non-MAS-regulated stablecoins, apart from incidental digital payment token services for their own coins.[3]
- Reserves must at least equal the par value of coins in circulation, and redemptions must be paid in the pegged currency within timeframes MAS will prescribe.[3]
- A Singapore-incorporated issuer co-issuing a stablecoin across jurisdictions could seek MAS-regulated status by applying for the licence, if MAS is satisfied the multi-jurisdiction reserve risks are mitigated.[3]
What it covers
Timeline
- 15 Aug 2023 · FinalMAS finalises the stablecoin framework.[1]
- 1 Sep 2026 · ConsultationMAS consults on Payment Services Act amendments to put the framework into law.[2]
- 16 Oct 2026 · Consultation closedConsultation on the Payment Services Act amendments closes; subsidiary legislation to follow in a later consultation.[2]
Instruments
- MAS Consultation Paper on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation (September 2026)Consultation paper · Consultation closed
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| XSGD Singapore dollar stablecoinNew StraitsX stablecoins | Live (scaled) | Reviewed 25d ago |
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Global Dollar (USDG)Updated 7 Nov 2026 Paxos tokenisation platform | Live (scaled) | Reviewed 13d ago |
Sources
- [1]MAS Finalises Stablecoin Regulatory Framework — Monetary Authority of Singapore, 15 Aug 2023. Accessed 12 Oct 2026.A
- [2]MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework — Monetary Authority of Singapore, 1 Sep 2026. Accessed 12 Oct 2026.A
- [3]Consultation Paper on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation (P015-2026) — Monetary Authority of Singapore, 1 Sep 2026. Accessed 13 Oct 2026.A