Regulation Fuels Explosive Growth of Stablecoins
In 2023, the Monetary Authority of Singapore (MAS) introduced a stablecoin regulatory framework, leading to significant growth in compliant stablecoins like $XSGD By the second quarter of 2024, Singapore’s stablecoin payments reached nearly $1 billion, reflecting a substantial increase over six months.
At the @consensus_hk roundtable “Stablecoins: Shaping the Future of Payments,” hosted by #PlatON, Jason Tay, Head of Commercial at @StraitsX, emphasized a three-pronged approach to stablecoin development: regulation, banking, and issuers. He noted, “Our partnerships with Alipay+ and Grab demonstrate that behind every QR code scan, multi-currency stablecoin settlements may be happening in real time.”
Singapore’s MAS framework (2023) and Hong Kong’s regulatory sandboxes—such as Standard Chartered and Animoca’s compliant stablecoin initiative—highlight the “REGULATION + BANKING + ISSUER” model as the cornerstone of Asia’s regulatory path forward.
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