Singapore’s Monetary Authority of Singapore (MAS) has opened consultation on amendments to the Payment Services Act 2019 that would give statutory force to its single-currency stablecoin framework, creating a dedicated issuance license and a protected “MAS-regulated stablecoin” label for coins issued in Singapore and pegged to the Singapore dollar or a G10 currency. Licensed issuers would hold reserve assets covering at least 100% of outstanding tokens at all times, segregate those assets from other accounts, perform daily valuations, meet capital standards including a floor of S$1 million, and redeem at par within prescribed timeframes including five business days, while a proposed ban on interest, yield or other holder benefits would keep regulated coins as payment instruments rather than savings products. The package is stricter than MAS’s existing digital payment token regime and follows MAS’s listing of Bybit on its investor alert list. A Designated Systemic Stablecoin framework would let MAS apply licensed-regime standards and restrict or suspend circulation in Singapore—including for offshore coins—when systemic importance is judged. Reserve quality is set to matter as much as quantity: USDC’s cash, U.S. Treasury and repo-heavy backing already resembles the proposed liquid low-risk test, whereas broader mixes such as bitcoin and gold holdings can lengthen the path to compliance. Local tokens such as XSGD, with roughly $12 million in circulation, still lag USDT and USDC on liquidity and network effects, so any credibility gain from an MAS seal would need to show up in usage, volumes and market share. Feedback is due by Oct. 16, 2026; the designation is not a government guarantee and no implementation date has been set.