MAS opens consultation on writing its stablecoin framework into the Payment Services Act

Singapore's central bank has published draft legislative amendments that would put single-currency stablecoin issuance under the Payment Services Act 2019, with licensing, par redemption and reserve requirements attached to the label "MAS-regulated stablecoin". Comments close 16 October 2026. What changed MAS moved its single-currency stablecoin (MAS-SCS) framework from policy statement to draft law. Only issuers licensed under the framework would be allowed to call themselves MAS-regulated stablecoin issuers or describe their tokens as MAS-regulated stablecoins; anything outside the regime is treated as a Digital Payment Token and carries the consumer-protection duties already attached to DPTs. The consultation covers value stability, capital, redemption at par and disclosure, and adds four policy proposals: allowing stablecoins jointly issued by a Singapore and a foreign issuer to qualify, recognising a limited set of foreign-issued stablecoins from comparable regimes for cross-border wholesale use, prohibiting interest on MAS-regulated stablecoins while requiring stress testing and recovery and wind-down plans, and extending PS Act licensee safeguards such as protecting customer monies held before tokens are issued. MAS frames the framework as groundwork for stablecoins used as a settlement asset in tokenised markets.