Circle Introduces Zero-Fee USDC Minting with Circle Mint in Singapore
The issuer of the USDC stablecoin, Circle, has announced the launch of its zero-fee minting facility, Circle Mint, exclusively in Singapore.
This strategic initiative comes on the heels of Circle securing the Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) in June 2023.
The stablecoin issuer claims that the introduction of this facility positions them as a trusted gateway into the realm of digital currencies, ensuring a seamless and secure experience for customers in Singapore.
Key features of the Circle Mint Facility include:
Zero Minting Fees: The firm is offering customers the unique advantage of zero fees for both minting and redeeming USDC. This move eliminates additional risks, extra fees, and protracted transaction times often associated with traditional brokers and resellers.
Instant Availability: Fiat funds from users’ bank accounts can be rapidly and automatically converted to USDC, leveraging participating banks’ instant settlement networks. Circle Mint Singapore also has future plans to broaden access to regional banking rails, facilitating near-instant settlement and ensuring efficient and swift transactions.
Compliance with MAS Regulations: The meticulous design of Circle Mint Singapore ensures seamless alignment with MAS regulations, guaranteeing that financial activities are conducted efficiently and securely within the established regulatory framework.
As digital currency adoption continues to gain traction in the Asia Pacific region, Circle Mint Singapore’s aims to ease crypto accessibility with its zero-fee USDC minting.
The firm behind USDS stablecoin is also contemplating its Initial Public Offer at some point in 2024.