Ripple won an expanded Major Payment Institution (MPI) license for its Ripple Markets APAC unit, effective December 1, 2025, enabling broader regulated digital payment token services in Singapore. The approval comes amid nearly 70% APAC on-chain growth and a 260% real-world asset tokenization surge to over $23B in H1 2025, positioning Ripple to scale stablecoin liquidity and institutional on-ramps.
Expanded license unlocks regulated DPT services and settlement rails
The MPI expansion authorizes Ripple to offer a wider suite of regulated digital payment token (DPT) services, including on- and off-ramp flows, custody, collections, fiat-crypto conversion and rapid payouts under Singapore’s Payment Services Act.
A Major Payment Institution license permits high-volume payments, while a digital payment token is defined as a crypto asset used for regulated transfers. On-Demand Liquidity uses a bridge asset for cross-border settlement without pre-funded accounts, and RLUSD is Ripple’s USD-backed stablecoin launched in December 2024.
Singapore’s regulatory framework enforces AML/CFT controls and applies the FATF Travel Rule to transfers over SGD 1,500, anchoring the license to strict compliance obligations and aligning Ripple with national digital-payments oversight.
The approval mirrors a broader regional licensing trend and reinforces the city-state’s position as a hub for regulated token payments.
The license reduces legal and operational friction for institutions, allowing banks and treasuries to settle cross-border payments more efficiently using XRP or RLUSD through Ripple Prime and ODL-based rails.
Clearer regulatory footing may enhance access to OTC markets and improve cost structures in corridors where correspondent banking remains expensive.
This expansion fits into a wider global compliance drive, following approvals in the UAE and a U.S. legal resolution in August 2025 that removed major uncertainty for Ripple’s operations.
Growth in real-world asset tokenization and rising APAC on-chain activity strengthens demand for regulated liquidity pools supported by issuer-backed stablecoins and enterprise payment infrastructure.
The expanded MPI license translates regulatory certainty into operational capacity, opening pathways for institutional XRP and RLUSD usage while leaving adoption dependent on integration and liquidity depth.