SINGAPORE (Bloomberg): 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 US$127bil.
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.
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