Circle recently announced that they have acquired a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) the license will provide the company with the ability to begin offering digital payment token services alongside cross-border and domestic transfer services for USDC.

The license will help the company begin offering more advanced services to clients within the city-state which has been a strong supporter of cryptocurrencies and NFTs. Along with Circle’s plans for an upcoming Singaporean-backed stablecoin, the new MPI license spells good news for the future of decentralized finance in the region with Dante Disparte, Circle’s Chief Strategy Officer and Head of Global Policy, stating “This is a significant step forward for Circle and the future of financial infrastructure and dollar digital currencies.”