{"id":83275,"date":"2024-07-02T10:20:49","date_gmt":"2024-07-02T14:20:49","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83275"},"modified":"2024-07-02T10:20:52","modified_gmt":"2024-07-02T14:20:52","slug":"paxos-dbs-bank-partner-for-singapore-stablecoin-launch","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/paxos-dbs-bank-partner-for-singapore-stablecoin-launch\/","title":{"rendered":"Paxos, DBS Bank Partner for Singapore Stablecoin Launch"},"content":{"rendered":"\n

The Monetary Authority of Singapore (MAS) has granted complete regulatory approval to Paxos platform in partnership with Southeast Asia\u2019s largest bank, DBS<\/a>, for the stablecoin launch.<\/p>\n\n\n\n

\"Paxos,
Paxos, DBS Bank Partner for Singapore Stablecoin Launch <\/figcaption><\/figure>\n\n\n\n

Paxos, the gold-backed stablecoin Pax Gold (PAXG) issuer, has received approval to provide digital payment token services as a Major payment institution from its Singapore subsidiary.<\/p>\n\n\n\n

The regulatory sanction allows Paxos to introduce a stablecoin that is consistent with the forthcoming regulatory framework of MAS.<\/p>\n\n\n\n

Paxos-related entities are now authorized to issue stablecoins in the third international market, following the United States and the United Arab Emirates\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, per an announcement on July 1.<\/p>\n\n\n\n

As Walter Hessert, Paxos' head of strategy, stated, “MAS' regulatory approval was a significant step for Paxos' efforts to expand their regulated stablecoin offering worldwide.”<\/p>\n\n\n\n

\n

\u201cStablecoins issued in accordance with standards set by a regulator like MAS \u2014 known for its rigorous regulatory standards \u2014 represent a significant step toward democratizing access to commerce and financial services.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Paxos Selects DBS as Banking Partner<\/h2>\n\n\n\n

Paxos' principal banking partner will be DBS, the largest bank in Southeast Asia by assets under management.<\/p>\n\n\n\n

According to the announcement, Paxos will depend on DBS for custody of the stablecoin reserves and currency management.<\/p>\n\n\n\n

According to Evy Theunis, the director of digital assets at DBS Bank, trust and security are essential for the widespread adoption of stablecoins:<\/p>\n\n\n\n

\n

\u201cStablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them. This partnership further expands DBS\u2019 wide-ranging involvement across the digital asset ecosystem…\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Paxos' Global Expansion<\/h2>\n\n\n\n

The latest milestone in Paxos' global expansion endeavors is the regulatory approval in Singapore.<\/p>\n\n\n\n

Paxos International announced the issuance of the Lift Dollar (USDL), an interest-bearing stablecoin, at the beginning of June. The USDL will be regulated in the Abu Dhabi Global Market (ADGM) and will pay an overnight yield based on the interest Paxos International earns on the reserves that support it.<\/p>\n\n\n\n

Located in New York, Under the supervision of the New York Department of Financial Services<\/a> (NYDFS), Paxos produces PayPal USD, Pax Dollar (USDP), and Pax Gold (PAXG).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Monetary Authority of Singapore (MAS) has granted complete regulatory approval to Paxos platform in partnership with Southeast Asia\u2019s largest bank, DBS, for the stablecoin launch. Paxos, the gold-backed stablecoin Pax Gold (PAXG) issuer, has received approval to provide digital payment token services as a Major payment institution from its Singapore subsidiary. The regulatory sanction […]<\/p>\n","protected":false},"author":12,"featured_media":20624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[7199,292,931,1531],"class_list":["post-83275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dbs-bank","tag-paxos","tag-singapore","tag-stablecoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/03\/image-75.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83275"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/20624"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}