Stablecoin Circle receives license in Singapore

Circle is offering institutional clients in Singapore access to its own stablecoin USDC. The company has now been granted a license to do so.

Circle has received a major payments institution license from the Monetary Authority of Singapore (MAS). The license allows the company to offer Singaporean institutional customers access to its own USD stablecoin (USDC).

According to the press release dated June 7, the stablecoin issuer can now offer "services associated with digital currency in the city-state, in addition to cross-border and domestic money transfer services."

"Singapore is an integral part of Circle's global expansion and mission to increase global economic prosperity and entertain currency exchange.", let Jeremy Allaire, co-founder and CEO of Circle know.

Circle collaborated with Tribe

In February 2023, Circle Singapore partnered with Tribe, the country's first government-backed blockchain ecosystem builder, on a new training and support program aimed at growing and retraining Web3 developer talents in the region.

Read also: why Circle did not adjust the stablecoin collateral payment until mid-May.