The Monetary Authority of Singapore (MAS) has released a comprehensive stablecoin rulebook and is consulting on legislative amendments to its Payment Services Act. The framework targets single-currency stablecoins (SCS) linked to the Singapore dollar or G10 currencies. Issuers would need to meet reserve asset, capital, solvency and redemption requirements to qualify for the MAS-regulated stablecoin label.
The rules require full reserve backing and par redemption, and grant authorities the ability to trace, freeze and burn illicit coins. The consultation also covers disclosures for holders, cross-border issuance, foreign-issued stablecoins and whether stablecoin issuers can offer interest or reward programmes. Fireblocks highlighted the milestone in a tweet.
MAS is accepting comments from industry participants until 16 October 2026. Stablecoins that do not meet the standard would not be allowed to use the regulated stablecoin label but would remain subject to the existing digital payment token regime. The framework is expected to strengthen compliance and consumer protection in Singapore’s crypto market.
