Paxos Launches a Stablecoin in Association with DBS Bank

Paxos, a company that specializes in regulated blockchain infrastructure, has recently announced the release of its new stablecoin, Global Dollar (USDG).

This particular stablecoin is compliant with Singapore regulations and is backed by United States dollars that are reserved and managed by DBS Bank.

The launch of USDG comes after Paxos previously launched another stablecoin, known as the Lift Dollar (USDL), that follows regulations in the United Arab Emirates.

The Singapore version of Paxos, known as Paxos Digital Singapore, received approval from the Monetary Authority of Singapore (MAS) in July for USDG.

DBS Bank’s head of digital assets, Evy Theunis, commented on the partnership between DBS and Paxos, stating that it will help stablecoin issuers meet the strict standards expected by both regulators and customers. This collaboration further solidifies DBS’s involvement in the digital asset ecosystem.