The Monetary Authority of Singapore (MAS) has proposed amendments to the Payment Services Act to establish a 'MAS-SCS' stablecoin framework. The rules mandate reserve assets at least 100% of face value and prohibit issuers from paying interest to holders. Public consultation is open until October 16, 2026. The regulations target single-circulation stablecoins pegged to the SGD or G10 currencies; unregulated stablecoins will be treated as digital payment tokens. MAS aims to help users identify compliant stablecoins and provide a credible settlement asset in the tokenization era.
Singapore’s Monetary Authority (MAS) has put out proposed changes to the Payment Services Act, and with them comes a new stablecoin regime called 'MAS-SCS'. The draft says issuers have to keep reserve assets worth at least 100% of face value at all times. No dipping below. It also bars them from paying interest to holders. Public consultation on the amendments stays open until October 16, 2026.
These rules cover single-circulation stablecoins pegged to the Singapore dollar or to any of the G10 currencies. If a stablecoin does not meet the new framework, it will be treated as a digital payment token (DPT). MAS said the point is to help users tell compliant stablecoins from non-compliant ones, offer a trusted settlement asset as asset tokenization keeps gaining ground, and cut risks to the financial system.
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