Singapore’s financial watchdog has proposed a new set of stablecoin rules that would require issuers to hold 100% reserves and bar them from offering yields to holders. The regulator said the draft framework is aligned with approaches taken in the U.S. and the European Union. It also said the proposal would help create a path for foreign stablecoins to be recognized in Singapore. The move places reserve backing, product restrictions and cross-border recognition at the center of the country’s planned oversight regime for the sector.
Singapore’s financial watchdog has proposed stablecoin rules that would require issuers to maintain 100% reserves and prohibit them from offering yields to holders.
The regulator said the proposed framework is aligned with U.S. and European Union rules and would also pave the way for the recognition of foreign stablecoins in Singapore.
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