Paxos receives in-principle approval from Monetary Authority of Singapore, plans to launch new USD stablecoin

Paxos encountered regulatory challenges when issuing BUSD, but it did not falter. It has since become the issuer of stablecoins for PayPal and plans to launch a new USD stablecoin in Singapore in the future.

PayPal Open Letter: Why is blockchain considered the only solution for the digital payment revolution?

Paxos Plans to Launch New US Dollar Stablecoin

Paxos Digital Singapore Pte. Ltd., a subsidiary of Paxos, has received in-principle approval from the Monetary Authority of Singapore (MAS) and can now provide services to users under the Payment Services Act (PSA).

Once granted full business approval in Singapore, Paxos will issue a new US dollar stablecoin.

Singapore's Upbit Receives Preliminary Approval from MAS to Continue Crypto Payment Services

Paxos Executive: Demand for US Dollar Has Never Been Stronger

Walter Hessert, Head of Strategy at Paxos, told CoinDesk:

The demand for the US dollar has never been stronger globally, yet for consumers outside the United States, obtaining a secure, reliable, and regulated US dollar stablecoin remains challenging. Paxos will publish monthly reserve reports for the stablecoin regularly.

Crypto Companies Flocking In, Stablecoin Regulatory Framework Key?

The Monetary Authority of Singapore (MAS) announced the final version of the stablecoin regulatory framework on August 15, following a 10-month public feedback period.

Not only Upbit, but Coinbase has also officially obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore thereafter.

Singapore's "Final Stablecoin Regulatory Framework" Confirmed, MAS Sets Four Key Conditions