Crypto Firm Circle To Open Asia Hub In Singapore
SINGAPORE – Boston-based Circle, the cryptocurrency firm behind stablecoin USDC, plans to establish an Asia Pacific hub in Singapore, reported the Boston Business Journal on Wednesday morning (10 November, SGT).
“You simply cannot contemplate building a global fintech of any seriousness or any stature, without also contemplating … Singapore,” Circle’s & Head of global policy and Chief Strategy Officer Dante Disparte told the Journal.
“The country, from a regulatory vantage point, a talent vantage point, a geographic vantage point, is really a beacon.”
Notably, the company is expected to start trading on the New York Stock Exchange (NYSE) later this year once it completes its reverse merger with a special purpose acquisition corporation (SPAC) known as Concord Acquisition Corporation.
Circle revealed that it intends to invest US$50 million in early-stage blockchain projects, as well as its expansion into Singapore. The latter also involves hiring staff and eventually opening an office in the city-state. However, this move requires the approval of local regulators.
Interestingly, Circle is seeking partners to pilot stablecoin innovations in Singapore’s market as part of the Lighthouse Project, with the city-state’s central bank, the Monetary Authority of Singapore (MAS), guiding and observing policy.
The project’s goal is to show how open payment systems, digital currencies, and innovation-forward fintech regulations can help tackle business and regulatory challenges while driving economic growth and Web3 financial innovations.
“MAS has always been at the forefront of fintech innovation. We are honoured to work with MAS and look forward to collaborating with Singaporean businesses on our innovation initiatives,” said Circle’s Co-founder and Chief Executive Jeremy Allaire.
“We are very happy to welcome Circle as the operator of the world’s fastest growing stablecoin. We know they will bring innovation, investment and opportunity to Singapore and it begins with our support of their Lighthouse Project,” added the central bank’s Chief Fintech Officer Sopnendu Mohanty.