The post Paxos Launches USDG Stablecoin with Regulatory Compliance appeared on BitcoinEthereumNews.com.

Darius Baruo Nov 01, 2024 10:22 Paxos introduces USDG, a US dollar-backed stablecoin, compliant with Singapore’s MAS framework. Partnering with DBS Bank for secure reserve management, USDG aims to enhance global stablecoin adoption. Paxos, a leading entity in blockchain and tokenization infrastructure, has officially launched the Global Dollar (USDG), a new US dollar-backed stablecoin. This development, announced on November 1, 2024, is regulated under the Monetary Authority of Singapore (MAS), marking a strategic step towards global stablecoin adoption, according to Paxos. USDG: A New Era of Stablecoins USDG is designed to meet the needs of regulated institutions by maintaining high operational standards. It is available on the Ethereum blockchain with plans to expand to other blockchains shortly. Paxos ensures that USDG is backed by high-quality liquid assets, such as US dollar deposits and short-duration US Government securities, maintaining a 1:1 parity with the US dollar. This allows users to redeem their tokens for fiat currency at any time. Strategic Partnerships and Compliance The stablecoin’s introduction is complemented by a partnership with DBS Bank, Southeast Asia’s largest bank, recognized as the Safest Bank in Asia for 16 consecutive years. DBS will manage the cash reserves backing USDG, further solidifying its security and trustworthiness. This collaboration is expected to drive innovation and adoption of stablecoins on a global scale. Ronak Daya, Head of Product at Paxos, emphasized the increasing enterprise interest in stablecoins and the market’s need for a solution that combines regulatory compliance with economic incentives. He stated that USDG provides a trusted solution with a top-tier banking partner, facilitating stablecoin innovation at a global level. Expanding Paxos’ Digital Asset Portfolio USDG is the sixth digital asset issued by Paxos, following successful launches of other digital currencies like PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). These assets are…

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Filed under: News - @ November 1, 2024 12:20 pm