USDC stablecoin issuer launches Circle Ventures in Singapore
The firm behind the USDC issuer announced the launch of the regional hub ‘Circle Ventures’ in Singapore.
After tether (USDT), USDC is the biggest stablecoin of the crypto market and the company behind the USDC coin, Circle, remains active against all types of long term future based works. In the latest, they launched their Venture hub in Singapore to expand their ecosystem in the offline medium.
On 9 November, Circle announced its plans for the “Circle Ventures” in Singapore as a part of the expansion of the ecosystem in the Global infrastructure.
According to the official announcement, Circle is looking to get a better response from the local regulatory authority to get a relevant crypto license. And also the company aimed to hire crypto and blockchain leaders from Singapore.
Dante Disparte- The company’s chief strategy officer and global head of policy- elaborated on this initiative of the company and said
“You cannot build an always-on, global internet finance business without considering Singapore as a hub. 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.”
The statement of the Circle’ CSO indicated that there was a big need for the company to exist in the offline mode to communicate with the regulatory authorities in Singapore with their new project work.
Right now, the company is working on the “lighthouse project”. And they are seeking local blockchain leaders to participate and contribute to the project. The main aim of the lighthouse project is to experiment with the stablecoins based payment system in a collaborative approach with the Monetary Authority of Singapore (MAS).
Singapore on Stablecoins adoption
Earlier on speaking at the Singapore FinTech Festival 2021, Ravi Menon- managing director at MAS agency- stated that the origin of the stablecoins was a concept to facilitate fund transactions in the crypto market outside the monetary policies.
Ravi also asserted that there are many issues with the stablecoins and that can result in high risk but the MAS agency will experiment on the stablecoins to adopt by eliminating the possible risks associated with it.
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