Singapore’s top financial regulator has signaled a tougher stance on stablecoins , saying only fully supervised tokens should be treated as reliable money for big transactions.

Regulators are moving to separate settlement-grade instruments from the rest of the market. The message was blunt and aimed squarely at issuers that operate without strict oversight.

Regulators Draw A Clear Line

According to Monetary Authority of Singapore Managing Director Chia Der Jiun, some unregulated stablecoins have a “patchy record of keeping their peg.”

He warned that sudden losses of confidence in those tokens can resemble money-market fund runs from 2008. Chia added that such coins are “not suitable as safe settlement assets for large wholesale transactions.”

His remarks came in a keynote at the

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