PAXOS Partners with DBS to Launch New Stablecoin USDG Advancing Stablecoin Development
Stablecoin issuer Paxos announced the launch of a new stablecoin, USDG, backed by the US dollar and compliant with Singapore regulations. The USDG stablecoin will be managed by DBS Bank, meeting the requirements set by the Monetary Authority of Singapore (MAS).
USDG stablecoin officially debuts, with DBS Bank as a key partner
Stablecoin issuer Paxos launched the new stablecoin USDG on 10/31, following the release of interest-bearing stablecoin USDL by its subsidiary Paxos International in the UAE. USDG will adhere to the stablecoin framework introduced by MAS in August 2023 and obtained MAS approval in July this year, currently issued on Ethereum.
The stablecoin USDG is fully pegged to the US dollar and backed by US dollar reserve assets, including USD deposits, short-term US government bonds, and other cash equivalents.
MAS Stablecoin Regulatory Framework
(Singapore’s “Final Stablecoin Regulatory Framework” finalized, with the Monetary Authority setting four key conditions)
Paxos continues to drive stablecoin innovation and global expansion
Paxos also stated on Twitter that it plans to collaborate with more cryptocurrency exchanges, digital wallets, and trading platforms globally in line with regulatory guidance and development to expand the reach of USDG to more users and institutions.
As a stablecoin issuer, Paxos is actively introducing various digital assets, such as the PayPal USD (PYUSD) launched in collaboration with PayPal, the Pax Dollar (USDP) issued on Solana, and the tokenized gold Pax Gold (PAXG) backed by one troy ounce of gold. Perhaps in the near future, this could bring more market share and visibility to their products.
