Singapore consults on stablecoin issuer rules and foreign-token recognition

The Monetary Authority of Singapore opened a consultation on 1 September on proposed amendments to implement its single-currency stablecoin framework. The proposal covers capital, redemption at par, disclosure and value stability for Singapore-issued tokens pegged to the Singapore dollar or a G10 currency. It would let some jointly issued tokens qualify for the MAS-regulated label if risks are managed and may recognise some foreign-issued stablecoins under comparable regimes.

MAS also sought feedback on prohibiting interest on regulated stablecoins, adding stress tests and recovery plans, and protecting customer money received before tokens are issued. These are proposed changes in a consultation, not requirements already in force. The authority said other stablecoins would continue to be treated as digital payment tokens under its consumer-protection approach. The comment period ran through 16 October 2026, so responses were still open on this article’s 15 October publication date.