The Singapore central bank (Monetary Authority of Singapore) has approved licences for two stablecoin issuers, Circle and Paxos, to operate in the city-state.

US-based Circle, the issuer behind USD Coin (USDC), was granted approval for a major payments institution licence, meaning it can issue cryptocurrencies and facilitate domestic or cross-border payments.

Also a US firm, Paxos develops the Pax Dollar (USDP) and has received a licence to offer digital payment token...