Singapore MAS proposes legally binding stablecoin rules

Singapore's Monetary Authority of Singapore (MAS) has proposed turning its existing stablecoin framework into enforceable law. The proposal requires 100% reserve backing, par redemption, and bans issuers from paying interest or yield on stablecoin holdings. MAS says the rules align with U.S. and EU frameworks and also pave the way for recognition of foreign stablecoins.