Following the regulatory framework for stablecoins from the Monetary Authority of Singapore (MAS), local companies such as StraitsX, Circle Internet Singapore, and DCS Card Center are looking to issue these assets.
StraitsX co-founder Liu Tianwei revealed their plans to get MAS regulated status for their Singapore dollar-based XSGD stablecoin and XIDR, which is pegged to the Indonesian rupiah.
Circle, which is licensed by MAS to provide digital payment token services, is also exploring opportunities for their USDC stablecoin.
DCS has already introduced their localized Singapore dollar-pegged DUS token and plan to list it as a MAS-regulated single-currency stablecoin in the near future. CEO Karen Lowe noted that they “will use DUS to create a payments ecosystem between Web2 and Web3, using blockchain, privacy-preserving computing and other technologies to drive innovation in the industry.”
