Business expansion in Singapore
Circle, which issues US dollar-linked stablecoins USDC, announced on the 7th that it has acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
We are honored and excited to share that Circle Singapore has obtained a Major Payment Institution (MPI) License from @mas_sg! https://t.co/RZSfeBZiqJ
Now, we can offer digital payment token services alongside cross-border and domestic money transfer services in Singapore and…
— Circle (@circle) June 7, 2023
With this, Circle is now able to offer remittance services that allow institutional customers to access USD Coin (USDC) and digital payment token services in Singapore.
Circle CEO Jeremy Allaire said:
Singapore is an integral part of our global expansion and our mission to facilitate the exchange of value and promote global economic prosperity.
We are honored to have obtained the MPI license from the authorities and wish to advance financial technology innovation in Singapore, boost emerging technologies and fintech, and provide job opportunities for technology and financial industry talent.
What is a stablecoin
A cryptocurrency whose price is always stable. Stablecoins are a type of cryptocurrency, and unlike volatile assets such as BTC, ETH, and XRP, the purpose is to maintain its value ($1) backed by the US dollar. In addition to US dollar-backed stablecoins (USDT/USDC), there are also stablecoins that use algorithms.
Training developers in Singapore
Circle officially opened its Singapore office in May. We are also working with Tribe, a blockchain development company backed by the Singapore government, to conduct a training program to develop Web3 developers in Singapore and the Asia-Pacific region.
The two companies began collaborating on a training program in February, and held a developer bootcamp in March. Both efforts involved more than 2,700 people in total.
“We’re helping future innovators build on Circle’s platform,” said Sandra Persing, Circle’s head of product and developer marketing.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. A typical feature is the use case of decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
Deploying Eurocoin (EUROC) to Avalanche
In addition to USDC, Circle also offers a stablecoin linked to the euro, Eurocoin (EUROC).
In May, in addition to Ethereum (ETH), EUROC was also deployed on the Avalanche (AVAX) blockchain. Decentralized exchange GMX, Ethereum-based wallet MetaMask, and other projects support EUROC.
According to CoinMarketCap, USDC has a market capitalization of approximately 4 trillion yen, while EUROC has a market capitalization of approximately 7.2 billion yen, and further growth is expected.
connection: US circle company launches stablecoin “Eurocoin (EUROC)” on Avalanche