Paxos Announces it Will Issue a USD-linked Stablecoin in Singapore

Paxos has created a new entity in Singapore to introduce a USD-backed stablecoin in the country.

This entity, known as Paxos Digital Singapore Pte. Ltd., has received preliminary approval from the Monetary Authority of Singapore.

The stablecoin will comply with Singapore’s recently finalized stablecoin regulatory framework before the legislative changes take effect.

In order to be recognized as a “MAS regulated stablecoin,” the stablecoin must adhere to the guidelines set by MAS for single-currency stablecoins pegged to the Singaporean dollar or any G10 currency, including the US dollar.

Paxos is one of only two companies, alongside StraitsX, to receive such approval from MAS. According to a Paxos spokesperson, the new stablecoin will have its own unique branding as it will be issued from Singapore.

The spokesperson did not disclose the name or specific details of the stablecoin, except that it will be backed by the US dollar. Paxos already offers a USD-backed stablecoin called USDP in the US.