MAS Stablecoin Framework: What It Means for Fireblocks
Singapore’s central bank, MAS, published draft amendments on 1 September 2026 to bring its single-currency stablecoin framework into force under the Payment Services Act, with a consultation closing 16 October 2026.
On 1 September 2026, the Monetary Authority of Singapore (MAS) released a consultation paper proposing amendments to the Payment Services Act to implement its single-currency stablecoin (MAS-SCS) framework. Initially expected in late 2025, the consultation period runs until 16 October 2026. The framework introduces a selective, risk-based licensing regime for stablecoin issuers, focusing on financial soundness, business viability, and operational track records. Issuers must obtain a new standalone licence and comply with reserve composition, redemption timelines, and customer fund safeguarding rules similar to e-money issuers.
The MAS-SCS label is optional, distinguishing regulated stablecoins from unregulated ones for consumer and business clarity. While aligned with the EU’s MiCA and the US GENIUS Act on core principles, Singapore diverges on reserve requirements, considering a minimum cash or deposit floor, mirroring MiCA’s 30% bank deposit mandate for standard tokens. The amendments also grant MAS authority to designate a stablecoin as a "Designated Systemic Stablecoin," irrespective of issuance location or regulatory framework, provided equivalence assessments and supervisory cooperation are met.
The framework permits multi-jurisdictional issuance and recognises substantively equivalent foreign stablecoins, subject to equivalence assessments, daily reserve records, and monthly reporting. This move positions Singapore as a global standard-setter for stablecoin regulatory interoperability, a goal also pursued by the US and EU. The amendments reflect MAS’s evolving stance, reversing its 2023 position to allow broader issuance while maintaining strict oversight.
Fireblocks, a digital asset infrastructure provider, supports organizations in managing stablecoin payments, custody, and settlement across multiple blockchains. The company facilitates operations for institutions such as Worldpay, BNY Mellon, Galaxy, and Revolut, handling trillions in digital transactions across 150+ blockchains.