In an exciting development for Circle Internet Singapore Pte. Ltd., the company announced Wednesday that the Monetary Authority of Singapore had granted it a Major Payment 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, a well-established entity based in Boston. It’s worth noting that Circle Internet Financial is responsible for issuing the world’s second-largest stablecoin, 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 the USDC, in the region.
In a press release, Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, expressed his enthusiasm about this milestone achievement. He emphasized the significance of this accomplishment for Circle and the entire financial industry, underlining the potential of dollar digital currencies in the area.
Circle Singapore recently inaugurated its office, marking a major step forward in its operations. The company received preliminary approval as a major payment institution from local authorities in November 2022, setting the stage for this subsequent success. In a move to foster collaboration and innovation, Circle Singapore partnered with Tribe, the first government-supported blockchain ecosystem builder in the region. Together, they launched an innovative training program to cultivate talented blockchain developers.
As a testament to its growing influence, the 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, acquiring the Major Payment Institution license by Circle Internet Singapore Pte. Ltd. signals a remarkable leap forward for the company and the advancement of digital currencies in Singapore. With Circle’s association with Circle Internet Financial and the booming market capitalization of USDC, the future holds promising opportunities for the financial landscape in the region.
