Paxos Launches USDG Stablecoin in Partnership With DBS Bank
Crypto News

Paxos Launches USDG Stablecoin in Partnership With DBS Bank

1 Minuten
1 month ago

Paxos, a regulated blockchain infrastructure company, has announced the launch of its new stablecoin, Global Dollar (USDG), which is compliant with Singaporean regulations.

Paxos Launches USDG Stablecoin in Partnership With DBS Bank

Paxos, a regulated blockchain infrastructure company, has announced the launch of its new stablecoin, Global Dollar (USDG), which is compliant with Singaporean regulations.

The announcement, made on Oct. 31, follows the company’s earlier introduction of the interest-bearing Lift Dollar (USDL) stablecoin in the United Arab Emirates.

View post on Twitter
USDG is backed by U.S. dollar reserves managed by DBS Bank, which has partnered with Paxos to meet regulatory expectations in the digital asset space. The Monetary Authority of Singapore (MAS) approved USDG in July, aligning it with the upcoming stablecoin framework established by the MAS in August 2023.
Evy Theunis, head of digital assets at DBS Bank, emphasized the importance of robust standards for stablecoin issuers, suggesting that the partnership enhances DBS's involvement in the digital asset ecosystem.

USDG is currently available on the Ethereum blockchain, with plans to expand to additional chains as regulatory landscapes develop.

Paxos aims to facilitate the global adoption of USDG, targeting both crypto-native platforms and regulated institutions. The company plans to collaborate with various global crypto exchanges, wallets, and trading platforms to broaden the availability of USDG to a wider audience.

Sygnum Bank, a Swiss crypto bank, noted that increasing regulatory clarity encourages traditional financial institutions to engage in stablecoin issuance.

They indicated that providers adhering to developing regulatory standards are likely to gain a competitive edge as stablecoin usage in real-world transactions continues to grow.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article