From The Register, August 16:
After regulators are done with them, providers will look a lot like boring old banks
The Monetary Authority of Singapore (MAS) endorsed the use of stablecoins on Tuesday, when it released a regulatory framework for the digital assets that allows their use provided their operators implement protections for owners.
"When well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the 'on-chain' purchase and sale of digital assets," declared MAS, the city-state's reserve bank.
MAS will allow single-currency stablecoins pegged to the Singapore Dollar or other G10 currency, issued in Singapore, with full cash withdrawals available within five days of a customer's request....
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