Market expansion will see the development of a licensed hub & stablecoin Lighthouse Project
BOSTON, Nov. 10, 2021 — Circle, a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes, today announced plans to establish a regional hub in the Singapore market and plans to initiate the application process to obtain applicable Singapore licenses and registrations.
"You cannot build an always-on, global internet finance business without considering Singapore as a hub," said Dante Disparte, Circle's Chief Strategy Officer and Global Head of Policy. "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."
Regional expansion into Singapore will form a key part of Circle's global expansion plans, including hiring a regional leadership team based in Singapore. Also the principal operator of USD Coin (USDC), a fully reserved dollar digital currency, Circle is looking for partners to experiment in stablecoin innovations in the Singapore market as part of a Lighthouse Project with MAS observing and guiding project design.
"MAS has always been at the forefront of fintech innovation," said Jeremy Allaire, Co-founder and CEO of Circle. "We are honored to work with MAS and look forward to collaborating with Singaporean businesses on our innovation initiatives."
"We welcome Circle as the operator of one of the world's fastest growing stablecoins," said Sopnendu Mohanty, Chief FinTech Officer at MAS. "We know they will bring innovation, investment and opportunity to Singapore and we look forward to supporting their Lighthouse Project."
With local business partners, the Lighthouse Project aims to demonstrate how digital currencies, open payment systems, and innovation-forward fintech regulations can solve business and regulatory challenges while fueling economic growth and Web3 financial innovations.
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is the principal operator of USD Coin (USDC), the leading dollar digital currency powering always-on internet-native commerce and payments with a circulation greater than $33 billion and over $1.3 trillion in on-chain transactions. Today, Circle's transactional services, business accounts, and platform APIs are giving rise to a new generation of financial services and commerce applications that hold the promise of raising global economic prosperity for all through the frictionless exchange of financial value. Additionally, Circle operates SeedInvest, one of the largest startup fundraising platforms in the U.S., which is a registered broker dealer.