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Payments and digital currency firm Circle just received a provisional license as a major payments institution in Singapore, allowing it to offer digital payment token products, cross-border and domestic transfer services in the city-state.
Dante Disparte, Circle’s chief strategy officer and head of global policy spoke to Blockhead on the sidelines of the Singapore Fintech Festival about what this means for the company, which has placed its bets on Singapore, its principal hub in Asia and where it is hiring extensively to service its growing regional business.
Founded in 2013, Circle is best known as the issuer of the USD Coin (USDC) and Euro Coin (EUROC) stablecoins, which have market capitalizations of US$43 billion and US$77 million respectively. The company’s acquisition via a special purpose acquisition vehicle (SPAC), at a US$9 billion valuation, with Concord Acquisition Corp, has been beset by delays.
Key highlights:
- 2023 is expected to be a breakthrough year for stablecoins with regards to adoption and regulation.
- Hong Kong’s efforts to position itself as a digital assets hub is an acknowledgement that financial centers need to be at the heart of crypto innovation.
- While the SPAC acquisition is delayed, Circle is still engaging with regulators in the US on becoming a publicly listed company.
