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The Monetary Authority of Singapore has proposed amendments to the Payment Services Act 2019 that would put its stablecoin framework into law while introducing rules for overseas issuers, interest payments and issuer wind-down plans.
Joint Overseas Issuance
One of the main proposals would allow a stablecoin jointly issued by a Singapore entity and a foreign issuer to qualify as an MAS-regulated stablecoin, provided risks linked to issuing the token across different jurisdictions are sufficiently addressed. MAS is also considering a separate route for a limited number of stablecoins issued entirely outside Singapore. Foreign tokens could be recognized when supervised under a regulatory framework MAS considers comparable to Singapore's regime. Recognition would focus on cross-border wholesale uses.
Interest Ban and Stress Testing
The consultation proposes new safeguards including a prohibition on paying interest on regulated stablecoins. Issuers would have to conduct stress tests and maintain plans for recovery and an orderly wind-down if their businesses encounter financial or operational problems. Existing core requirements covering value stability, capital, redemption at par and disclosures would remain. Only licensed issuers operating under the framework would be permitted to describe themselves as licensed MAS-regulated stablecoin issuers.
Stablecoins Moving Into Singapore Payment Systems
Regulated stablecoins are being tested in payment and settlement projects involving financial institutions operating in Singapore. Visa joined the MAS-led BLOOM initiative in August, selecting Nium for a stablecoin settlement pilot involving regulated U.S. dollar and euro-backed tokens. Participants in BLOOM have included Circle, DBS, OCBC, Partiar, Stripe and UOB. OKX Singapore introduced a stablecoin payment service in September 2025 letting customers use USDT and USDC at merchants accepting GrabPay.
Public Feedback Open Until October 16
MAS published the consultation on Sept. 1, seeking feedback on how issuers can qualify under its Single-Currency Stablecoin framework. Responses are due by Oct. 16. MAS Deputy Managing Director for Financial Supervision Ho Hern Shin said the legislative changes would establish regulatory guardrails for stablecoins that meet the regulator's requirements for value stability and governance. The framework applies to single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency.
