Circle has set out to build its Asian user base as part of its global expansion strategy. The USDC stablecoin issuer announced on November 10 that it has pivoted its plan to establish a regional hub in Singapore.
Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Policy, noted the role of Singapore in building an Asian epicenter saying, “You cannot build an always-on, global internet finance business without considering Singapore as a hub.” He added:
“The Monetary Authority of Singapore (MAS) has been an extraordinary regulatory partner as we have looked to expand our business horizons and invest in the Singaporean market.”
In its press release, Circle noted that it has been looking to recruit leaders to lead its Singapore base and obtain relevant licenses and approvals. Furthermore, the company is looking for partners to test innovations in stablecoin in the Singapore market under MAS regulations.