Stablecoin issuer Paxos announced the launch of a new stablecoin, USDG, which is backed by the US dollar and compliant with Singapore regulations, with the dollar reserves for USDG managed by DBS Bank.
USDG stablecoin officially unveiled, with DBS Bank as a key partner
On October 31, stablecoin issuer Paxos launched its new stablecoin USDG, marking its second regional product following the introduction of the yield-bearing stablecoin USDL by its subsidiary Paxos International in the UAE. USDG will adhere to the stablecoin framework introduced by the Monetary Authority of Singapore (MAS) in August 2023 and received MAS approval in July of this year, with issuance now on the Ethereum blockchain. The USDG stablecoin is fully pegged to the US dollar and is backed by reserve assets, which include US dollar deposits, short-term US Treasury bills, and other cash equivalents.
MAS stablecoin regulatory framework
(Singapore “Final Stablecoin Regulatory Framework” finalized, with four major conditions set by the Monetary Authority)
Paxos continues to advance stablecoin innovation and global development
Paxos also stated on Twitter that it plans to collaborate with more cryptocurrency exchanges, digital wallets, and trading platforms globally based on regulatory directions and developments, enabling USDG to reach more users and institutions. As a stablecoin issuer, Paxos is also actively launching various digital assets, such as the PayPal USD (PYUSD) in partnership with PayPal, the Pax Dollar (USDP) issued on Solana, and tokenized gold Pax Gold (PAXG) backed by one troy ounce of gold. This could potentially bring more market share and recognition to its products in the near future