The Monetary Authority of Singapore (MAS) has moved to reconsider a key element of its stablecoin stance from 2023, launching a public consultation on proposed amendments to the Payment Services Act (PSA) that could allow certain stablecoins issued with foreign partners to fall under Singapore’s regulatory framework.

According to MAS, the consultation—opened Tuesday—also reflects policy developments since 2023 and introduces additional safeguards for issuers seeking to market tokens as “MAS-regulated stablecoins.” MAS is also evaluating whether a limited set of foreign-issued stablecoins, supervised under comparable overseas regimes, could be recognized for specific cross-border wholesale uses.

Key takeaways

• MAS is consulting on PSA amendments that would translate its 2023 stablecoin framework into law, with conditions for “MAS-regulated stablecoins.”
• One proposal would allow stablecoins jointly issued by a Singapore issuer and a foreign issuer to qualify—if risks are sufficiently mitigated.
• MAS is also considering recognition of a limited number of foreign-issued stablecoins regulated under comparable frameworks for cross-border wholesale transactions.
• The consultation revisits MAS’s earlier requirement that qualifying stablecoins be issued solely in Singapore, citing prior concerns around regulatory equivalence and tracing commingled reserves.
• Public comments are open until Oct. 16.

From a “Singapore-only” rule to a more flexible model

MAS’s consultation effectively revisits its 2023 position that stablecoins eligible for its regulatory framework had to be issued solely in Singapore. In 2023, MAS finalized a stablecoin regulatory framework for single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency.

MAS said at the time that expanding eligibility beyond Singapore raised practical difficulties—particularly around establishing regulatory equivalence and cooperation with other jurisdictions. The regulator also pointed to technical issues related to tracing where commingled stablecoins originated, as well as determining whether overseas reserves would be sufficient to meet redemption requests.

Now, MAS is asking for input on approaches that could reduce those earlier barriers while still keeping the core objective of regulated redemption and reserve-backed stability.

How “MAS-regulated stablecoins” could work with foreign issuers

Under one of MAS’s main proposals, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be brought within the PSA framework and labeled “MAS-regulated stablecoins,” provided that MAS determines the associated risks are sufficiently mitigated.

The regulator frames the broader consultation around implementing the 2023 framework through legislative amendments to the PSA, Singapore’s main law governing payment services and operators.

MAS’s requirements for issuers would cover reserve-backed value stability, capital arrangements, and redemption mechanisms at par. The proposals also include issuer disclosure requirements and restrict branding: only issuers licensed under the framework would be able to market themselves as “MAS-regulated stablecoin issuers” and describe their tokens as “MAS-regulated stablecoins.”

MAS also proposes additional controls that focus on resilience and governance. Issuers would be prohibited from paying interest on regulated stablecoins. They would also need to conduct stress tests and maintain recovery and orderly wind-down plans.

To protect customers, MAS proposes safeguards covering customer money received before the corresponding stablecoins are issued. MAS also indicates that stablecoins outside the dedicated framework would continue to be treated as digital payment tokens under existing Singapore rules.

Recognition of certain foreign-issued stablecoins

Beyond jointly issued tokens, MAS is also considering whether to recognize a limited number of foreign-issued stablecoins that are regulated under comparable overseas frameworks.

In MAS’s description of the idea, the motivation for recognition is tied to practical utility: such tokens could be used for cross-border wholesale transactions. However, MAS’s consultation suggests it is not moving toward open-ended endorsement; rather, it is assessing a constrained approach, limiting recognition to a small set of stablecoins that meet standards similar to those expected under MAS oversight.

Why MAS’s shift matters for markets and compliance

For stablecoin issuers and liquidity providers, MAS’s consultation signals a willingness to accommodate real-world issuance structures—particularly where reserve management, issuance operations, or distribution links may involve multiple jurisdictions. Under the earlier 2023 framework, firms faced a simpler but narrower pathway: eligible stablecoins had to be issued solely in Singapore.

By introducing the possibility of qualifying joint issuance and conditional recognition of certain foreign-issued stablecoins, MAS is effectively balancing two competing realities: the need for strong redemption and reserve oversight, and the operational fact that cross-border settlement increasingly relies on interoperable, internationally used digital dollar and G10-pegged instruments.

At the same time, MAS is signaling that flexibility will come with tighter issuer obligations—reserve and capital requirements, stress testing, and structured wind-down planning—along with limits on marketing claims. The consultation’s focus on legal labeling (“MAS-regulated stablecoins”) also points to an emphasis on consumer clarity, not just technical compliance.

Next steps for MAS and the industry

MAS is accepting public comments on the consultation until Oct. 16, and the proposals’ details will be closely watched by issuers planning Singapore-related stablecoin product roadmaps—especially those considering cross-border distribution, joint issuance, or reserve arrangements involving foreign entities.

US-listed spot Bitcoin exchange-traded funds (ETFs) capped their best month of 2026 alongside Bitcoin’s biggest monthly gain since November 2024.

Bitcoin ETFs attracted $3.52 billion in net inflows in August, their highest monthly total of 2026 and a sharp increase from just $172 million in inflows in July, according to SoSoValue data.

Bitcoin (BTC) gained about 25% in August, its strongest monthly performance since a 37.29% rally in November 2024, according to CoinGlass.

The August momentum quickly gave way to a weaker start to September, as ETF flows turned negative and Bitcoin briefly fell below $77,000.

August cuts year-to-date outflows by 66% to $1.77B

August’s $3.52 billion in Bitcoin ETF inflows cut year-to-date net outflows by roughly 66%, from $5.29 billion to $1.77 billion.

The biggest monthly outflows came in June at $4.51 billion, followed by $2.43 billion in May and $1.61 billion in January, according to SoSoValue data.

Monthly flows into US spot Bitcoin ETFs in 2026. Source: SoSoValue

The funds recorded net inflows on 16 of 21 trading days in August, including nine consecutive sessions from Aug. 17 through Aug. 27.

Total net assets rose to $99.61 billion at the end of August from $76.29 billion at the end of July, an increase of about 31%. Monthly trading volume climbed nearly 49% to $58.63 billion from $39.37 billion.

September starts with $236M in Bitcoin ETF outflows

US spot Bitcoin ETFs started September with $236.46 million in net outflows on Tuesday, reversing the $216.70 million in net inflows recorded on Monday. The withdrawal marked the largest daily outflow since July 31, when the funds shed $265.37 million.

The reversal came as Bitcoin briefly fell below $77,000 on Tuesday after trading above $80,000 in late August, according to CoinGecko.

Related: Strategy buys $370M Bitcoin in first corporate purchase since June

Ether and XRP ETFs remained in positive territory on Tuesday. Spot Ether (ETH) ETFs attracted around $11 million on Tuesday, while spot XRP (XRP) ETFs drew $14.4 million.

August pushed Ether ETFs into positive territory for 2026, with $732 million in year-to-date net inflows after they ended July about $1.12 billion in the red.

XRP ETFs reached $502 million in year-to-date net inflows, up about 46% from $343 million at the end of July.

Magazine: Does the Bitcoin rally mean we haven’t wasted our lives in crypto?

Strategy CEO Phong Le defended the company’s decision to sell Bitcoin near $60,000 before resuming purchases around $80,000, arguing that its treasury trades depend on capital costs rather than Bitcoin’s market price.

Speaking on Bloomberg Crypto on Sept. 1, Le said the earlier sales and the latest purchase were both appropriate because Strategy’s financing conditions had changed between the transactions.

Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30 at an average price of $80,318, according to an Aug. 31 regulatory filing.

The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.

Strategy links Bitcoin trades to capital costs

Le said Strategy does not decide whether to buy or sell Bitcoin solely by comparing the cryptocurrency’s current price with past levels.

Instead, management considers the cost of raising capital and the return it expects from deploying that capital. If Strategy can issue common shares at a premium to the value of its assets, it may use the proceeds to buy Bitcoin while increasing Bitcoin exposure on a per-share basis.

“We don’t buy or sell Bitcoin based on the price of Bitcoin,” Le said. “We buy or sell based on our cost of capital.”

The position explains why Strategy considered selling Bitcoin between approximately $60,000 and $65,000 reasonable while later paying more than $80,000. The transactions occurred under different balance sheet and financing conditions.

Le said issuing MSTR shares had become attractive again because the stock was trading at a premium. Strategy sold approximately $602.8 million of common shares during the week that ended Aug. 30, using part of the proceeds for its Bitcoin purchase.

The company also increased its general USD Cash pool by $29 million and spent approximately $152 million repurchasing STRC preferred shares below their $100 stated amount.

Strategy’s return to Bitcoin purchases after a two-month pause was therefore part of a broader capital allocation decision rather than a directional call that Bitcoin would rise from $80,000.

Bitcoin sales funded financial obligations

Le said Strategy sold roughly 7,000 BTC during its balance sheet restructuring, describing the amount as “minuscule” relative to its total holdings.

Strategy’s public Bitcoin ledger records sales of 2,225 BTC in early July, 1,638 BTC in early August and 1,690 BTC the following week. Those three disclosed reductions total 5,553 BTC.

The company had also reported selling approximately $218.4 million of Bitcoin earlier in 2026 to fund part of its preferred dividend obligations. Le’s interview figure appears to describe the broader period in rounded terms.

Le said selling Bitcoin to pay preferred dividends was “the right trade at the time.” Strategy had already committed to regular payments on its preferred securities and needed dollar liquidity to meet those obligations without relying entirely on new financing.

The sales represented a departure from Strategy’s earlier reputation as a company that only accumulated Bitcoin. Its board formally authorized a Bitcoin monetization program in June, allowing management to sell BTC to finance its dollar reserve, pay dividends and interest, repurchase securities or meet other approved obligations.

The policy permits up to $1.25 billion in Bitcoin sales to build the designated USD Reserve. It does not require Strategy to sell that amount.

Strategy’s first disclosed sale under its evolving treasury policy marked a transition toward active management of its Bitcoin holdings, rather than an abandonment of its accumulation strategy.

Strategy says net leverage has fallen to zero

Le said Strategy used the pause in Bitcoin purchases to strengthen its balance sheet. Over roughly two months, it increased dollar assets while reducing its net exposure to convertible debt.

The company reported $6.71 billion in USD assets as of Aug. 30. That amount comprised cash and other dollar-denominated holdings allocated across its designated reserve and general corporate liquidity.

Its convertible debt stood at approximately $6.75 billion. Strategy therefore reported net leverage of 0.0% because its company-defined calculation subtracts dollar assets from outstanding debt before comparing the balance with its Bitcoin reserve.

Net leverage of 0.0% does not mean Strategy has eliminated its legal debt or preferred stock obligations. The company continues to have convertible notes outstanding and must make preferred dividend payments.

The metric instead shows that its dollar assets nearly offset the principal value of its convertible debt. The calculation does not subtract all preferred stock claims.

Le described the balance sheet as a “fortress,” arguing that Strategy has no meaningful Bitcoin liquidation price under its current structure. The company’s debt is not secured directly by its Bitcoin in a way that would automatically force sales when BTC falls to a stated level.

That claim does not mean a prolonged Bitcoin decline would have no financial effect. Lower Bitcoin prices could reduce Strategy’s asset value, weaken its ability to issue shares at attractive prices and increase pressure from preferred dividends and other obligations.

Strategy adopts a two-way Bitcoin policy

Le said Strategy now operates a “two-way strategy.” It may sell Bitcoin when doing so improves its capital structure, even though it intends to remain a net accumulator over time.

The framework makes Bitcoin one component of Strategy’s financing system rather than an asset that can never be sold. Management can compare BTC sales with common equity issuance, preferred offerings, repurchases and cash usage.

Strategy’s June framework explains that common stock issuance can be accretive when MSTR trades above the company’s adjusted net asset value. Issuing shares below that level can dilute Bitcoin exposure per share.

Le said Strategy could continue purchasing Bitcoin at $90,000, $100,000 or $130,000 if the cost of capital makes those purchases attractive. Those levels were examples, not forecasts or confirmed purchase orders.

The company would also consider selling Bitcoin again if the proceeds were more valuable elsewhere in its capital structure. Le said price alone would not determine such a decision.

Strategy’s Aug. 31 purchase confirms that it has returned to accumulation after its restructuring period. It now controls slightly more than 4% of Bitcoin’s maximum 21 million supply.

The next update will depend on Strategy’s weekly capital markets activity. Further MSTR issuance at a premium could finance additional Bitcoin purchases, while weak equity demand or higher financing costs could slow accumulation or make another sale more economical.

Meanwhile, Le’s central argument was that the apparent contradiction between selling near $60,000 and buying near $80,000 disappears when the transactions are viewed through Strategy’s cost of capital.

The Bitcoin sales supplied dollars for preferred obligations and balance sheet restructuring. The later purchase used proceeds from common shares issued when management believed MSTR’s market premium made the transaction accretive.

Le said Strategy had strengthened its dollar position, reduced net leverage and retained flexibility to transact in both directions. He maintained that the company remains a long-term net buyer, but no longer treats Bitcoin sales as prohibited.

He also said future purchases could occur at much higher Bitcoin prices if Strategy can obtain capital on sufficiently attractive terms. The comments described a conditional financing framework rather than a Bitcoin price prediction.

A fake desktop application impersonating Anthropic’s Claude is reportedly being used as a delivery mechanism for RevStealer, a Windows malware family designed to harvest sensitive information from victims and then target a wide range of cryptocurrency wallets.

In a report published Monday, cybersecurity firm Morphisec says the campaign has evolved beyond earlier distribution methods that relied on GitHub repositories and game-cheat-themed sites, with one of the most prominent lures being a project dubbed “Claude Opus 5 Free Desktop.” The name suggests free access to Claude while disguising malware intended to steal crypto and broader account credentials.

Key takeaways

• Morophisec links the latest RevStealer infections to a fake “Claude Opus 5 Free Desktop” download that impersonates Anthropic/Claude.
• The malware focuses on stealth, including searches of browser data, cookies, password-manager records, VPN/remote-access settings, and selected files.
• RevStealer targets more than 50 cryptocurrency wallets and attempts to avoid analysis by checking for “real user” environments.
• Its staging includes environment and debugging-delay checks; if the system doesn’t meet the criteria, the malware halts further activity.

Fake Claude desktop lure points to continued social-engineering

According to Morphisec, RevStealer was previously pushed through channels such as GitHub repositories and websites themed around game cheating. While those delivery routes remain common for commodity malware, the firm highlights a more noticeable ruse: a counterfeit “Claude Opus 5 Free Desktop” project that mimics the branding of the AI developer Anthropic and presents the promise of free Claude access.

This matters for users because it reflects how crypto-targeting threats increasingly blend into everyday software expectations. Instead of asking victims to install a clearly suspicious file, attackers wrap their payloads in familiar UI assumptions—an “app” users might treat as legitimate productivity software.

What RevStealer looks for—and where it steals

Morphisec says RevStealer is built to minimize its forensic footprint while broadening the scope of harvested data. The malware searches browser databases and related artifacts such as cookies, password-manager records, and other stored session information.

The threat also goes beyond typical credential theft by collecting details connected to remote access and privacy tooling, including VPN and remote-access settings. It further targets messaging-related data and takes screenshots, alongside selected documents.

On the crypto side, Morphisec notes that RevStealer targets over 50 cryptocurrency wallets. For investors and everyday users, the key risk is that stolen wallet access can enable asset movement without needing the attacker to break the wallet software itself—if the victim’s wallet files or credentials are extracted, the next step can be direct unauthorized control.

Environment checks designed to frustrate researchers

A notable feature of the RevStealer infection chain, according to the Morphisec report, is a multi-part gating mechanism. Before unlocking the next stages, the malware checks whether the machine resembles a genuine user device.

The researchers describe checks based on available memory, processor core count, hostname and username characteristics, and graphics hardware. Morphisec also adds that RevStealer monitors for debugging delays that are typical in malware analysis environments.

If the malware detects anything it considers abnormal, it does not proceed further—meaning it can reduce the amount of observable behavior available to analysts and slow down detection efforts. When the checks pass, Morphisec reports that the payload is decrypted, saved under a random filename, and executed covertly.

For defenders, this implies that “it didn’t run” can be a deliberate outcome rather than a sign of a clean system. It also highlights why behavioral detection and endpoint monitoring still matter: relying solely on static indicators or single-run samples may miss threats that deliberately stall during investigation.

Broader trend: crypto-investor malware frameworks keep expanding

The RevStealer report lands amid other research targeting people involved with cryptocurrency investing. Earlier coverage referenced discovery by Kaspersky of a new malware framework called OkoBot, described as targeting crypto investors by harvesting wallet files, browser data, and user credentials.

As noted by Kaspersky in that separate discovery, OkoBot can also inject malicious extensions and capture wallet application windows to help steal assets. While the Morphisec write-up focuses specifically on RevStealer, both cases point to a persistent pattern: attackers are combining browser/session theft with wallet-targeted collection and increasingly using realistic lures.

For readers, the important takeaway is not just that malware exists, but that campaigns are diversifying their tooling and delivery methods while remaining aligned around a shared objective—access to crypto storage and the credentials needed to move money.

What users and teams should watch next

With scams now leveraging credible-sounding AI branding and malware that attempts to detect analysis environments, the immediate priority is operational hygiene: treat “free” desktop downloads—especially ones impersonating well-known companies—as high-risk, avoid installing unknown software from community-hosted pages, and verify integrity before execution. Meanwhile, security teams should expect more wallet-focused stealers that pair broad browser-data harvesting with stealthy, environment-aware execution.

The US dollar continues to strengthen following its previous period of weakness, gradually recovering ground against the major currencies. Today, market attention will be focused on the preliminary ADP employment figures for the US. According to forecasts, the private sector is expected to have added 48K jobs, following an increase of 44K the previous month. A significant deviation from expectations could increase dollar volatility and prompt a reassessment of expectations for the Federal Reserve’s future policy.

The situation in the Middle East remains another important factor. Tensions surrounding Iran continue to support demand for safe-haven assets and increase volatility in the oil market. Stronger demand for safe havens could also support the yen and partially limit the upside potential of USD/JPY.

For USD/CAD, the Bank of Canada’s meeting will be the key event. The central bank is expected to keep its policy rate unchanged at 2.25%, meaning that attention will focus primarily on the accompanying statement and press conference. A more dovish tone could increase pressure on the Canadian dollar and support further gains in the pair.

Oil will remain another important driver. EIA crude inventory data and geopolitical tensions surrounding Iran could have a significant impact on oil prices and, consequently, on the Canadian dollar.

USD/JPY

Following last week’s recovery, USD/JPY has once again tested the important 159.40–159.80 support area. Yesterday, buyers managed to establish the pair above the psychological 160.00 level.

If the US employment data comes in stronger than expected, the advance could continue towards 160.50–161.00. The bullish scenario would be invalidated by a firm move below 159.40.

Key events for USD/JPY:

• today at 14:00 (GMT+3): US MBA Mortgage Applications;
• today at 15:15 (GMT+3): US ADP Nonfarm Employment Change;
• tomorrow at 03:30 (GMT+3): Japan Services PMI.

USD/CAD

USD/CAD has been consolidating within a narrow 1.3840–1.3910 range over recent trading sessions.

A breakout and sustained move above 1.3910 could pave the way for further gains towards 1.3960–1.4000. Conversely, a break below the lower boundary of the range could lead to another test of the recent lows around 1.3730–1.3780.

Key events for USD/CAD:

• today at 16:45 (GMT+3): Bank of Canada interest-rate decision;
• today at 17:30 (GMT+3): US crude oil inventories;
• today at 17:30 (GMT+3): Bank of Canada press conference.

The dollar is maintaining its upward momentum, although today’s events could significantly influence the next direction of the market.

For USD/JPY, the main drivers will be the ADP employment figures and any subsequent repricing of expectations for Federal Reserve policy. USD/CAD will additionally be influenced by the Bank of Canada’s decision and developments in the oil market.

Stronger-than-expected US data combined with a dovish BoC tone could support further gains in both pairs, while weaker US figures or more hawkish signals from the Canadian central bank could limit the dollar’s recovery.

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