Singapore’s Monetary Authority (MAS) has proposed requiring qualified stablecoin issuers to maintain at least 100% of the value of all outstanding tokens in reserve. Reserves must be segregated from other accounts and valued daily, with redemptions to occur within five business days. Issuers must meet a minimum threshold of net tangible assets of $1 million or representing more than 50% of the previous year’s revenue. XSGD currently circulates with approximately $12 million, far below USD Tether (USDT) and USD Coin (USDC), which dominate the global stablecoin market.
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