• The Monetary Authority of Singapore published its stablecoin consultation paper on Sept. 1, 2026, and comments are due Oct. 16, 2026.
• The amendments to the Payment Services Act 2019 would set out how stablecoin issuers qualify to be MAS-regulated.
• The framework covers single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency.
• MAS proposes a ban on interest paid on MAS-regulated stablecoins, plus stress testing and recovery and wind-down plans for issuers.
• This is a proposal, not law: reserve mechanics and effective dates need to be checked in the full paper and final rules.

Singapore's stablecoin consultation closes on Oct. 16, 2026, and it is the one item on CoinDesk's crypto calendar for the week of Oct. 12 that bears directly on how settlement tokens are issued and redeemed. The Monetary Authority of Singapore's draft ties the MAS-regulated label to a licence, a ban on interest and redemption at par.

What the draft would require

The Monetary Authority of Singapore says its paper covers key requirements relating to value stability, capital, redemption at par and disclosure. It also proposes a prohibition on interest paid on MAS-regulated stablecoins. Its release does not describe reserve requirements, so the reserve mechanics must be read in the full consultation paper. For an issuer, the interest ban removes yield as a way to attract balances.

Which stablecoins fall inside the regime

The framework would cover single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or any G10 currency. The Monetary Authority of Singapore also proposes allowing jointly issued Singapore and foreign stablecoins to carry the label if risks are sufficiently mitigated, and recognising a limited number of foreign stablecoins under comparable regimes for cross-border wholesale use. Scope therefore extends beyond purely domestic tokens.

Licence label and operational safeguards

Only issuers licensed under the framework could describe themselves as licensed MAS-regulated stablecoin issuers or call their coins MAS-regulated stablecoins, according to the Monetary Authority of Singapore. The release adds stress testing, recovery and wind-down plans for issuers, and safeguarding of customer money received before stablecoins are issued. The label works as a commercial signal to banks and payment firms choosing a settlement asset.

Timeline and what to watch

The Monetary Authority of Singapore published the paper on Sept. 1, 2026, and takes comments until Oct. 16, 2026, through an online form. CoinDesk's calendar lists the close among the week's events. No final rules or effective date appear in the sources reviewed, so the next signals to watch are the regulator's response to feedback and the final amendments to the Payment Services Act 2019.

What this means for payments operators

Firms that issue, hold reserves for or settle in Singapore-dollar or G10-pegged stablecoins should test their products against four named items: the interest ban, par redemption, capital and the wind-down plan. Any yield-sharing arrangement with token holders is the most exposed feature. Responses are due Oct. 16, and plans should follow the final text, not the draft.