The Monetary Authority of Singapore (MAS) proposed changes to the Payment Services Act 2019 that would bar interest on stablecoins using its regulatory designation in Singapore.
The proposal covers Singapore-issued tokens, each pegged to a single currency: the Singapore dollar or a G10 currency. Only issuers licensed under MAS's framework could market their tokens as MAS-regulated stablecoins.
MAS proposed allowing stablecoins jointly issued by a Singapore and a foreign issuer to qualify if risks are sufficiently mitigated. MAS is also weighing recognition for a small number of foreign stablecoins under comparable overseas rules, particularly for cross-border wholesale transactions.
Proposed safeguards include stress testing, recovery plans and an orderly wind-down for issuers. MAS closed its public consultation Oct. 16, 2026.
