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Paxos and DBS Secure Regulatory Approval for Stablecoin Launch in Singapore

Jul 3, 2024

Paxos and DBS Secure Regulatory Approval for Stablecoin Launch in Singapore
Paxos and DBS Secure Regulatory Approval for Stablecoin Launch in Singapore
Paxos and DBS Secure Regulatory Approval for Stablecoin Launch in Singapore

Paxos International, a blockchain and tokenization platform, has secured regulatory approval from the Monetary Authority of Singapore (MAS) to launch a stablecoin in partnership with DBS, Southeast Asia's largest bank. This approval allows Paxos to offer digital payment token services as a Major Payments Institution in Singapore, aligning with MAS' regulatory framework. DBS will serve as Paxos' primary banking partner, managing cash flows and custody of stablecoin reserves. The collaboration aims to meet stringent regulatory standards and promote wider adoption of stablecoins. Paxos, known for its stablecoins like Pax Dollar (USDP) and Pax Gold (PAXG), sees the Singapore approval as a crucial step in its global expansion strategy, following authorizations in the United States and the United Arab Emirates.