USDC Stablecoin Issuing Circle Acquires Singapore License for Digital Payments
In an exciting development for Circle Internet Singapore Pte. Ltd., the company announced on Wednesday that the Monetary Authority of Singapore had granted it a Prime Payments Institution license. This prestigious license authorizes Circle Singapore to provide various financial services in the city-state, including digital payment token services, cross-border money transfer services and domestic money transfer services.
Circle Singapore is a proud affiliate of Circle Internet Financial, LLC, an established entity based in Boston. It should be noted that Circle Internet Financial is responsible for issuing the second largest stablecoin in the world, USD Coin (USDC). With this new license, Circle Singapore is poised to revolutionize financial infrastructure and pave the way for the future of digital currencies, particularly USDC, in the region.
In his press release, Dante Disparte, Chief Strategy Officer of Circle and Head of Global Policy, expressed his enthusiasm for achieving this milestone. He stressed the importance of this achievement for Circle and the entire financial industry, underscoring the potential of the dollar digital currency in the region.
Circle Singapore recently opened its offices, marking a major step forward in its operations. The company received initial approval as a primary paying institution from local authorities in November 2022, setting the stage for further success. In an effort to foster collaboration and innovation, Circle Singapore partnered with Tribe, the first government-backed blockchain ecosystem builder in the region. Together, they launched an innovative training program to develop talented blockchain developers.
As a testament to its growing influence, USD Coin (USDC) currently boasts an impressive market capitalization of US$28.6 billion. This remarkable achievement places USDC as the fifth largest cryptocurrency on CoinMarketCap’s comprehensive list.
In conclusion, the acquisition of a Primary Payments Institution license by Circle Internet Singapore Pte. Ltd. marks a great leap forward for the company and the advancement of digital currency in Singapore. With Circle’s association with Circle Internet Financial and the rapidly growing USDC market cap, the future holds promising opportunities for the financial landscape in the region.
