DBS executive Lim Soon Chong noted that stablecoins offer higher fungibility across payment intermediaries but present greater challenges for anti-money laundering compliance compared to bank deposits.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Rules that force crypto businesses to identify customers and report suspicious transactions, from KYC mandates and the Travel Rule to mixer enforcement.