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The Monetary Authority of Singapore (MAS) has finalized the key details of its upcoming stablecoin regulatory framework and has officially begun drafting the legislative bill, according to Managing Director Chia Der Jiun at the Singapore FinTech Festival 2025.
Singapore to Roll Out Stablecoin Regulations, Expand CBDC Trials
► https://t.co/M5BoF0Rp1J https://t.co/M5BoF0Rp1J— Decrypt (@DecryptMedia) November 13, 2025
Alongside its stablecoin plans, MAS also signaled a potential expansion of its central bank digital currency (CBDC) pilot, underscoring the regulator’s goal of establishing a holistic digital asset regulatory architecture for the country.
Why MAS Is Accelerating Stablecoin Regulation
MAS’s push for a dedicated regime stems from growing concerns over the systemic risks posed by unregulated stablecoins, which have repeatedly suffered peg instability in global markets.
“Unregulated stablecoins have a poor track record of maintaining their pegs,” Chia said. “Repeated de-pegging events erode trust and can trigger contagion across the broader stablecoin ecosystem.”
By introducing strict rules, MAS aims to position Singapore dollar–linked stablecoins as a trusted foundation for international payments.
The shift comes as global regulation accelerates , including the recent passage of the GENIUS Act in the United States , prompting jurisdictions worldwide to strengthen oversight while preserving cross-border interoperability.
What the MAS Stablecoin Rules Require
MAS first published its proposed framework in August 2023. Under the upcoming regulation, stablecoin issuers must be based in Singapore and adhere to stringent requirements, including:
Reserve Requirements
- Maintain 100% reserves backing the circulating supply
- Conduct monthly independent verification
- Undergo annual external audits
Reserve Custody
- Reserves must be held in MAS-approved custodians
- Assets must be segregated from corporate funds
Capital Requirements
- Minimum base capital of at least SGD 1 million (≈ USD 740,000)
or 50% of annual operating expenses, whichever is higher
Redemption Rules
- Users must be able to redeem stablecoins within 5 business days
Issuer Obligations
- Mandatory whitepaper disclosure
- Issuers must focus exclusively on stablecoin issuance activities
- Issuance must occur within Singapore
MAS intends to prevent market disruption by offering transition periods for existing issuers. However, audits, reserve attestations, and redemption processes will be strictly enforced from the start.
Staged Rollout and Multi-Tiered Regulatory Approach
Singapore has now moved from policy design into the legislative drafting phase, with the framework coming into effect only after parliamentary approval.
MAS confirmed that:
- Multi-currency stablecoins and those linked to non-G10 currencies will fall under existing Digital Payment Token (DPT) regulations
or
the Securities and Futures Act, depending on structure. - Overseas-issued stablecoins and those pegged to non-G10 currencies will not fall under MAS’s new stablecoin regime, creating a multi-layered regulatory system for the market.
Chia noted that “properly supervised stablecoins will play a critical role in future financial networks,” and emphasized MAS’s commitment to balancing risk mitigation, innovation, and international harmonization.
CBDC Trials to Expand
While MAS did not provide specifics, the authority confirmed that CBDC testing will be expanded as part of Singapore’s broader digital asset development plan.
The initiative is expected to influence Singapore’s crypto investment environment, though MAS emphasized that CBDC deployment will follow a measured, research-driven approach.
