On Monday, Saudi Arabian Foreign Minister Prince Faisal bin Farhan bin Abdullah held a telephonic conversation with Singapore‘s Foreign Minister, Vivian Balakrishnan.
The call centered on the blossoming relationship between the two friendly nations and explored avenues to bolster ties across all sectors. The ministers also deliberated on a range of regional and international issues of mutual interest. A significant portion of their discussion was dedicated to intensifying bilateral coordination to further the interests of both countries.
Notably, China’s Foreign Minister Wang Yi stated on Monday that Iran and Saudi Arabia continue to take steps to improve relations following a Beijing-brokered deal signed in March.
Wang underlined that the rapprochement leads to a “wave of reconciliation” in the Middle East. Beijing “appreciates the correct decision made by the Iranian side”, he noted in a statement.
The minister affirmed that China believes that only by restoring the integrity and effective implementation of the 2015 deal between Tehran and a group of world powers can the Iranian nuclear issue be “fundamentally resolved.”
Wang’s remarks come just days after Iran’s Foreign Minister Hossein Amirabdollahian visited Saudi Arabia for the first time since the resumption of ties between the countries.
He praised his Saudi counterpart Prince Faisal bin Farhan for their “successful” talks in Riyadh, which took place a week after the Saudi embassy in Tehran had officially reopened.
Notably,
Singapore’s financial regulator has announced the finalization of regulations for stablecoins, making it one of the world’s pioneering jurisdictions to establish such rules for this type of digital currency.
Stablecoins, a form of digital currency, are designed to maintain a consistent value relative to a traditional fiat currency. Many stablecoins assert their backing through reserves tied to real-world assets, including cash or government bonds.
With a market valuation of approximately $125 billion, the stablecoin market is substantial, with two primary tokens—Tether’s USDT and Circle’s USDC—holding a combined dominance of about 90% of the total market cap.
Despite their size and influence, stablecoins have largely existed without comprehensive regulation across the global financial landscape.
