The Monetary Authority of Singapore (MAS) has floated a proposal that could grant regulated status to certain stablecoins jointly issued by Singaporean and foreign companies. At the same time, the regulator is mulling recognition of a limited number of foreign tokens from jurisdictions with comparable regulatory standards. The public consultation runs through October 16.

What MAS Is Proposing

The initiative aims to create a dedicated framework for stablecoins that meet specific requirements. There are two main categories in focus: tokens co-issued by Singaporean and overseas firms, and a select group of foreign stablecoins—provided their issuance and circulation are regulated under similar standards in their home countries.

Key Requirements for Stablecoins

The draft lays out strict criteria for issuers: adequate and high-quality reserves, minimum capital thresholds, redemption at face value, and clear disclosures for users. Issuers of these stablecoins could also be barred from paying interest to holders.

Timeline and Next Steps

The proposal is open for public comment until October 16. After reviewing feedback, MAS will finalize the rules for these qualifying stablecoins.