Singapore Passes a Legislation for Stablecoins
Aug, 2023

Singapore Passes a Legislation for Stablecoins

Singapore, on of the centers of global financial system, passed an important legislation regarding stablecoins and how they should be structured to remain legal in the country.


Stablecoins are usually holding a stable price and have reserves in another asset, whom they represent their nominal value.


Now, there’s a new legislation. Stablecoins should hold their reserves in other assets that are low-risk and retain high liquidity. In parallel, the reserves should be equal or more from the circulating tokens so there will always coverage for the users.


At this moment, the stablecoin market lays arounf $125 billion, while the 2 largest coins are USDT (Tether) and USDC (Circle), that hold around 90 % of the market.


We wait to see what other countries will do…….


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