Circle Internet Singapore Pte. Ltd. said Wednesday it has received a Major Payment Institution license from the Monetary Authority of Singapore, which allows it to offer digital payment token services, cross-border money transfer services, and domestic money transfer services in the city-state.

See related article: Circle: US regulation can help create the ‘most stable stablecoin’

Fast facts

  • Circle Singapore is an affiliate of Circle Internet Financial, LLC, the Boston-based issuer of the world’s second largest stablecoin, USD Coin (USDC).
  • “This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies in the region,” Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, said in the press release.
  • Circle Singapore officially opened its office last month, after receiving an in-principle approval as a major payment institution from local authorities in November 2022. 
  • In February, the Singapore entity collaborated with the region’s first government-supported blockchain ecosystem builder Tribe to launch a training program for blockchain developers.
  • The dollar-pegged USDC currently holds a market capitalization of US$28.6 billion, placing it fifth largest on CoinMarketCap’s list of all cryptocurrencies.

See related article: Banks are bringing systemic risks to crypto, says Circle’s Disparte