Singapore is getting ready to write stablecoin rules into law. The Monetary Authority of Singapore (MAS) has proposed changes that would force 100% reserve backing and ban interest payments, according to CoinDesk on Sept. 1.
The draft bill lines up with the U.S. GENIUS Act and the European Union's Markets in Crypto-Assets (MiCA) regulation. Under it, issuers would have to keep fully segregated reserves matching the face value of all outstanding stablecoins, dollar for dollar. And it bars them from paying interest or offering any return tied to holding the stablecoins. MAS said stablecoins are supposed to work as a means of payment, not an investment vehicle, and that the proposed rules are "consistent with international regulatory practices."
The amendments are aimed at Singapore's Payment Services Act 2019, turning the current stablecoin framework into binding legal provisions. The rules cover single-currency stablecoins issued in Singapore that are pegged to the Singapore dollar or any of the G10 currencies. MAS has opened a public consultation and is asking crypto firms, exchanges, and other market participants to send in comments by Oct. 16, 2026.