The Monetary Authority of Singapore (MAS) has sought feedback from prominent firms, including Ripple and Circle Internet Financial, on regulating stablecoins. Ripple supports focusing on domestically issued stablecoins but advises against risks in the unregulated global stablecoin market. Ripple also endorses comprehensive regulatory guidelines and a unified label for regulated stablecoins. Circle Internet Financial, the issuer of the USDC stablecoin, shares Ripple’s viewpoint and approves of the proposed reserve asset requirements. This proactive regulation by Singapore contrasts with the slower progress in the United States, potentially hindering its economic growth and competitive edge in the digital economy.
AI Sentiment: Positive
