CIRCLE Internet Financial, a global digital financial technology firm, received in-principle approval as a major payments institution licence holder from the Monetary Authority of Singapore (MAS) on Wednesday (Nov 2).

This paves the way for the company, which issues stablecoins such as USD Coin and Euro Coin, to offer digital payment token products as well as cross-border and domestic transfer services in Singapore.

Dante Disparte, Circle’s chief strategy officer and global head of public policy, said: “This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open-payment systems and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets.”

The company recently set up office in Singapore and said it would continue to hire to grow its regional business, with Singapore as its “principal hub in Asia”.