Singapore's central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins.
The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds S$5 million, said the Monetary Authority of Singapore .
Single-currency stablecoins are a type of cryptocurrency pegged to a traditional asset like national currencies. Currently, only one stablecoin has been issued in Singapore. Last year, the MAS pointed to "high profile failures" such as the collapse of the TerraUSD and Luna tokens, saying it "illustrates the high risks involved in investments in cryptocurrencies".
The regulations include issuers having to maintain a portfolio of reserve assets "with very low risk". The reserve assets must be at least at 100% of the outstanding single-currency stablecoins that are in circulation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Two witnesses to testify Tuesday before Georgia grand jury investigating TrumpA former Georgia official and a journalist said they have been asked to appear Tuesday before a Fulton County grand jury investigating alleged efforts by former Pres. Trump and his allies to overturn the results of the 2020 election in that state.
Read more »
San Antonio’s The Hayden launches Tuesday Burgers, Bourbon & Bubbles eventBoth the Broadway location and the new second restaurant at Alon Market will be participating in the weekly special. SanAntonio SATX SanAntonioTX SanAntonioFood SanAntonioRestaurant
Read more »
Tuesday is final day to vote for 4th district supervisor in San Diego CountyDistrict 4's special election wraps up this week! Plus, basketball legend and San Diego native Bill Walton is offering to play basketball with anyone who comes out to vote in the special election at 1 p.m. on Monday. 🗳️🏀
Read more »
Enforcement changes to Washington state drug possession law begin TuesdayThe new law also comes with more than $60 million to expand treatment services across the state and bolster access to public defenders for people who are charged with drug possession violations.
Read more »
Taco Bell celebrates liberation of Taco Tuesday trademark by offering to pick up your taco tabIn the lead up to Taco Tuesday, Taco Bell is offering a free Doritos Locos Taco every Tuesday with no purchase necessary.
Read more »
San Jose averts largest city workers strike since 1980s; council to vote Tuesday on contractUnions representing around 4,500 workers were planning on walking off the job starting Aug. 15
Read more »