Overview
- The Monetary Authority of Singapore published a consultation on Sept. 1, 2026 proposing amendments to the Payment Services Act and is seeking public feedback through Oct. 16, 2026.
- The proposals would convert MAS’s 2023 single‑currency stablecoin framework into law and add concrete safeguards including a ban on paying interest on regulated stablecoins, mandatory stress testing, and recovery and orderly wind‑down plans.
- Only issuers that meet licensing, reserve and capital requirements and that allow redemption at par would be allowed to call their tokens “MAS‑regulated stablecoins.”
- The consultation would permit jointly issued Singapore‑foreign stablecoins to qualify and would create a narrow recognition route for foreign tokens supervised under overseas frameworks MAS considers comparable, focused on cross‑border wholesale use.
- The move builds on years of MAS work and live pilots such as BLOOM and Visa/Nium settlement tests, and it aims to protect customers by tightening custody, disclosure and pre‑issuance fund safeguards while supporting tokenised payment and settlement use cases.