MAS has granted Circle In-Principle Approval as a Major Payments Institution License holder.

Singapore implemented new restrictions last week aimed primarily at stablecoin and consumer crypto use. Before being given a license, stablecoins must meet a number of standards set by the Monetary Authority of Singapore (MAS). However, Circle Internet Financial, the creator of the USD Coin (USDC) and Euro Coin, remains undeterred (EUROC).

Circle has gained In-Principle Approval as a Major Payments Institution License holder from MAS, according to their news release. Circle may now offer local and international transfer services, as well as digital payment token items, in Singapore. This is a welcome change of pace and news for USDC, given the crypto market has been volatile in recent months.

Circle's Chief Strategy Officer and Global Head of Public Policy, Dante Disparte, stated: "This landmark allows us to collaborate with all relevant stakeholders to demonstrate the potential of digital currencies, open payment systems, and forward-thinking fintech policies to stimulate economic growth and boost Singapore's position as a global center for digital assets."

This fintech firm views Singapore as an Asian crypto powerhouse and believes that the licensing of USDC would usher in a new era of financial services and commercial applications.