According to CoinMeta, the Monetary Authority of Singapore (MAS) has proposed a new stablecoin issuance licensing framework that requires all stablecoins regulated by MAS to have 100% reserve funds to support their circulating supply. Public consultation will conclude on October 16, 2026. Under the proposal, only licensed issuers will be able to refer to their tokens as “MAS-regulated stablecoins,” and these tokens must be pegged to the Singapore dollar or foreign currencies such as the US dollar or euro. Issuers must also hold reserve funds equivalent to the value of the stablecoins in circulation, using safe and liquid assets. Users must be able to redeem their tokens for the same amount of fiat currency within five working days. Stablecoins that do not meet these requirements will be considered digital payment tokens and will no longer carry the MAS regulatory label. MAS Deputy Governor Mr. Lim Boon Heng stated that this framework will provide “clear regulatory safeguards” for stablecoins that meet high standards.