FinTech startup and stablecoin issuer Circle intends to invest in the Singapore market and begin the application process necessary to obtain Singapore licenses and registrations, the company announced on its blog recently. As part of the undertaking, Circle plans to establish an Asia-Pacific headquarters for the broader market in Singapore.
Boston-based Circle, a USD Coin issuer, last week announced Circle Ventures, a new effort designed to invest in “compelling, early-stage blockchain projects and companies,” according to PYMNTS. Companies chosen would be ones that align with the company’s goal of raising “global economic prosperity through the frictionless exchange of financial value.”
Companies chosen for the Circle Ventures undertaking would receive access to SeedInvest’s network of more than 500,000 investors, in addition to insight related to compliant internet capital formation.
See also: USDC Coin Issuer Circle Launches Venture Fund
In terms of Circle’s Asia-Pacific expansion, the company is seeking partners to experiment in stablecoin advances in the Singapore region as part of a Lighthouse Project with the Monetary Authority of Singapore (MAS), according to the announcement. The effort is focused on showing how digital currencies, open payment systems and innovative FinTech regulations can address business and regulatory challenges while driving economic growth and Web3 financial innovations.
“MAS has always been at the forefront of FinTech innovation,” said Circle co-founder and CEO Jeremy Allaire. “We are honored to work with MAS and look forward to collaborating with Singaporean businesses on our innovation initiatives.”
With more than $30 billion USDC in circulation as of October, Circle announced it would support USD Coin on the decentralized finance network Hedera, according to PYMNTS.
We spoke with Jeremy Allaire recently watch the video below
Circle said its suite of developer APIs were updated to support USDC on the network, enabling Circle customers the ability to deposit, withdraw and send USDC on the Hedera platform and use Hedera for USDC payments.
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