Singapore's central bank is moving its stablecoin framework from policy design toward legislation.

The Monetary Authority of Singapore opened consultation on proposed amendments to the Payment Services Act 2019 that would implement its MAS Single-Currency Stablecoin framework. The proposal would define how issuers qualify as MAS-regulated stablecoin issuers, reserve that label for licensed issuers, and set requirements around value stability, capital, redemption at par and disclosures.

The most practical signal is that Singapore is treating stablecoin issuance as regulated payments infrastructure rather than a generic crypto activity. CryptoTimes reported that the consultation, numbered P015-2026, includes a dedicated stablecoin issuance license, full reserve backing and a prohibition on yield paid to holders. Finextra's publication of the MAS release also says the central bank is seeking feedback on banning interest, requiring stress testing, and requiring recovery and orderly wind-down plans for regulated issuers.

MAS is also reopening questions around cross-border stablecoins. The consultation asks whether jointly issued stablecoins from a Singapore issuer and a foreign issuer could qualify under the framework if risks are mitigated. It also proposes recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, aimed at wholesale cross-border use.

The consultation is open until October 16, 2026. The rules are not final, but the direction is clear: Singapore wants stablecoins that can be used in tokenized financial markets while keeping a sharp line between regulated payment tokens and other crypto assets marketed as stable.