According to CoinMeta, the Monetary Authority of Singapore has proposed to prohibit stablecoin issuers from paying dividends to holders. It requires that all stablecoins must maintain a 100% reserve fund, be kept in separate accounts, undergo stress tests, and have mandatory liquidation plans in place. Only authorized issuers can refer to their tokens as “MAS regulated stablecoins.” Similar regulations have already been implemented in the United States, the European Union, Hong Kong, and Japan. The world’s five major financial centers now regard stablecoins as payment tools, rather than investment instruments.