Ripple and Circle have submitted responses to a consultation by the Monetary Authority of Singapore (MAS) on regulations for stablecoins. Both companies support MAS’s focus on regulating single currency pegged stablecoins (SCS) issued in Singapore, but caution against restricting the use of major offshore SCS. Ripple and Circle endorse MAS’s proposed stablecoin issuance rules and suggest using a single label for bank and non-bank-issued SCS. They also call for more clarity on redemptions and advocate for prudential safeguards and flexible regulations. Both companies agree that global SCS could potentially pose systemic risks in Singapore and support MAS’s readiness to adapt regulations if needed. Read more at: [Crypto News](https://crypto.news/singapore-regulator-seeks-input-from-ripple-and-circle-on-stablecoin-regulation/)
AI Sentiment: Neutral
