Circle Internet Financial supports the Monetary Authority of Singapore's (MAS) proposed regulatory framework for stablecoins, emphasizing the importance of high-quality liquid asset backing for each single-currency pegged stablecoin (SCS). Singapore's role as a leading financial hub is underscored by its progressive approach to regulating stablecoin activities, which Circle believes will ensure value stability and user protection. The company, which is already licensed as a Major Payments Institution by MAS, advocates for regulations that do not conflict with those in other jurisdictions, such as the US and EU, to prevent disincentivizing registration in Singapore. Circle highlights the need for differentiated treatment between tokenized bank liabilities and fully reserved SCS, arguing that tokenized cash like USDC should be deemed lower risk due to its liquidity and credit stability. Circle also calls for clear redemption policies that align with financial stability and consumer protection, emphasizing the role of compliance due diligence by issuers and service providers. Additionally, Circle recommends that MAS leverage blockchain analytics for systemic reporting while ensuring that reporting obligations do not unfairly target decentralized protocols that lack a central authority.