• Crypto & Funx
• 10 May, 2024

Paxos's new stablecoin, USDG, is fully regulated by the Singapore Monetary Authority.

The stablecoin is currently only available on the Ethereum blockchain, and there are plans to expand it to other blockchains in the future.

Paxos has named Singapore's DBS Bank as the official stablecoin partner to ensure USDG maintains its stability even in the face of market turmoil. .

axos, a leading blockchain infrastructure provider headquartered in the United States, is expanding its stablecoin offerings with the launch of “Global Dollar” (USDG), designed to redefine standards in the competitive stablecoin market.

According to the , the new stablecoin based on Ethereum is backed 1:1 to the value of the US dollar, with reserves maintained solely in high-quality assets, including US dollar deposits, short-term US government securities, and other cash-equivalent holdings.

Paxos’s New Stablecoin Is Regulated under Singapore’s MAS

The digital asset is designed with institutional-grade reliability, offering a secure, fully backed digital dollar alternative that meets the evolving needs of both retail users and regulated financial institutions.

Paxos said the stablecoin will be exclusively issued by its Singapore subsidiary, Paxos Digital Singapore Pte, and regulated by the country’s Monetary Authority (MAS). The blockchain infrastructure provider said this strategic regulatory compliance is aimed at ensuring USDG meets the MAS’s incoming stablecoin requirements.

The move aims to set the newly launched token apart from other existing stablecoins by prioritizing

omic incentives for enterprises. Keeping with the Paxos tradition of powering infrastructure for the world’s most important and innovative enterprises, we are thrilled to launch the Global Dollar (USDG),” said Daya.

Paxos Names DBS Bank as Stablecoin Partner

While the is currently restricted to the Ethereum blockchain, Paxos plans to expand access to the digital asset to other blockchains soon.

The newly launched stablecoin joins a family of Paxos-issued digital assets, including PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), all issued under a framework of strict regulatory oversight. The company has demonstrated its commitment to a regulated approach, with entities in Singapore, the United Arab Emirates (UAE), and the United States overseen by relevant local authorities.

For USDG, Paxos has tapped DBS Bank, Southeast Asia’s largest bank,