Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC), has received in-principle approval as a major payments institution license holder from the Monetary Authority of Singapore (MAS).

Circle said in a statement on Tuesday that this allows the firm to offer digital payment token products, cross-border and domestic transfer services in the city state, giving rise to a new generation of financial services and commerce applications.

“This milestone enables us to work with all relevant stakeholders and demonstrate the potential of digital currencies, open payment systems and innovation-forward fintech regulations to drive economic growth and strengthen Singapore’s position as a global hub for digital assets,” said Dante Disparte, Circle’s Chief Strategy Officer and Global Head of Public Policy.

Circle previously identified Singapore as its principal hub in Asia and continues hiring in the city state to service its growing regional business.

“As one of the world’s leading financial hubs, Singapore is instrumental to Circle’s regional and global expansion plans in raising global economic prosperity,” said Jeremy Allaire, Co-Founder and Chief Executive Officer of Circle.

“We are honored to receive the in-principle license, and we look forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem as well as the advancement of fintech innovation in Singapore,” he said.

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.

The firm is powering always-on internet-native commerce and payments and is the issuer of USDC and EUROC.

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 value.

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