The post Paxos Partners With Singapore’s DBS To Launch New Stablecoin appeared on BitcoinEthereumNews.com.

Blockchain infrastructure company Paxos, in conjunction with Singaporean bank DBS, has introduced a new stablecoin known as Global Dollar (USDG). This development comes four months after Paxos secured approval to offer digital payment token services as a Major Payments Institution (MPI). Paxos USDG Compliant With Upcoming Singaporean Regime In a press release on November 1, Paxos announced the new stablecoin USDG set to be issued by its subsidiary in Singapore under the supervision of the Monetary Authority of Singapore (MAS).  Paxos describes USDG as a dollar-pegged stablecoin created to appeal to regulated institutions under strict standards of accountability and security. The stablecoin will be issued on Ethereum with impending expansions to other blockchains.  In particular, USDG is designed to comply with the upcoming Singaporean Stablecoin Regulatory Framework announced back in August 2023. In line with the regulations set by MAS, USDG is expected to maintain certain standards regarding value stability, capital requirements, redemption, and disclosure.  These regulations include holding only low-risk, highly liquid assets in reserve, maintaining a base capital of $1 million, and timely redemption of no more than five days among other rules to ensure the security and credibility of all MAS-regulated stablecoins.  Commenting on USDG’s launch, Ronak Daya, Head of Product at Paxos has stressed the potential of the new stablecoin to introduce a new perspective to the market in terms of institutional engagement.  Daya says: Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises. With the launch of USDG, Paxos adds to its list of operational stablecoins such as PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG). The blockchain company also served as the issuer of Binance stablecoin BUSD, prior to a cease order from…

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Filed under: News - @ November 2, 2024 7:02 pm