As more stablecoins emerge, MAS mulls impact on Singdollar stability

SINGAPORE will take an "open mind" towards a new breed of cryptocurrencies known as stablecoins - with Facebook's Libra the most famous example - but is wary of the risks they pose to central banks' control over monetary policy, said managing director of the Monetary Authority of Singapore (MAS) Ravi Menon.

"We keep an open mind towards these stablecoins, but we want to engage in a much deeper discussion about how the risks can be managed," he told The Business Times in an interview.

Stablecoins refer to cryptocurrencies that are pegged to a basket of fiat currencies, securities, or commodities, with pegging intended to reduce the price volatility of these cryptocurrencies.