According to CoinDesk, Singapore-based digital asset platform MetaComp is offering clients the ability to purchase traditional securities, such as money market funds and U.S. Treasury bills, using stablecoins. The firm converts stablecoins like tether (USDT) and USD Coin (USDC) to fiat currency on behalf of its clients. This service, which began last month, has already seen volumes of around $50 million and is available across Asia.
Co-founder Bo Bai believes that stablecoins, which are pegged to real-world assets like the U.S. dollar, will have applications in the broader financial market. MetaComp is building its business under the assumption that stablecoins will penetrate the real economy. To provide this service, MetaComp and its parent company, Metaverse Green Exchange, hold three licenses from the Monetary Authority of Singapore: Capital Markets Services Licence, Recognised Market Operator Licence, and Major Payment Institution Licence.
DBS Bank is the only other entity in Singapore that holds all three licenses, but according to Evy Theunis, DBS' head of digital assets, the bank has not yet begun offering this service to clients. MetaComp declined to provide the names of the investors using this service, citing client confidentiality.
