Singapore’s Monetary Authority of Singapore (MAS) released a draft consultation paper on September 1, 2026, proposing amendments to the Payment Services Act to formalize its single-currency stablecoin (SCS) framework. The proposals would cover stablecoins pegged to the Singapore dollar or G10 currencies and create an opt-in "MAS-regulated stablecoin" label for issuers meeting strict requirements. Issuers would need fully backed reserves in segregated accounts, par-value redemption, capabilities to trace, freeze and burn tokens linked to illicit activity, and a standalone stablecoin issuance license. MAS said it would take a selective, risk-based approach, assessing financial soundness, operational track records and business viability, with only a limited number of stablecoins expected to qualify. The consultation closes on October 16, 2026, while subsidiary legislation on reserve composition and redemption timeframes is expected later and no enactment date has been set. The framework would allow multi-jurisdictional issuance and potentially recognize foreign stablecoins deemed substantively equivalent, positioning Singapore within broader global efforts alongside the U.S. GENIUS Act and Europe’s MiCA regime. Fireblocks has described infrastructure supporting controlled minting and burning, segregated reserves and cross-border traceability as aligned with the proposed requirements. The initiative follows heightened international scrutiny of stablecoins and reflects MAS’s aim to combine consumer and financial-stability safeguards with greater regulatory interoperability.