Singapore Vies With Asian Peers for Slice of $127 Billion Stablecoin Sector
- City-state issues in-principle licenses to stablecoin firms
- Japan and Hong Kong also aim to attract such businesses
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Singapore awarded a batch of in-principle license approvals to stablecoin issuers, intensifying the competition among Asian financial hubs for a slice of a key crypto segment with a market value of $127 billion.
The approvals for Paxos Digital Singapore Pte and StraitsX open up a pathway for issuing such tokens under regulatory oversight. Stablecoins are typically pegged 1-1 to major currencies and backed by reserves like cash and bonds.