PAXOS collaborates with DBS again to launch new stablecoin USDG, further promoting the development of stablecoins
The stablecoin issuer Paxos announced the launch of a new stablecoin called USDG, which is backed by the U.S. dollar and compliant with Singapore regulations. The U.S. dollar reserves for USDG will be managed by DBS Bank, a leading bank in Singapore.
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USDG Stablecoin Officially Launched, DBS Bank as Key Partner
Stablecoin issuer Paxos introduced a new stablecoin, USDG, on 10/31, following the launch of the yield-bearing stablecoin USDL by its subsidiary Paxos International in the UAE. USDG will adhere to the stablecoin framework set by the Monetary Authority of Singapore (MAS) in August 2023 and received MAS approval in July this year, currently issued on Ethereum.
The stablecoin USDG is fully pegged to the US dollar and backed by USD reserve assets, including USD deposits, short-term US treasuries, and other cash equivalents.
Singapore's "Final Stablecoin Regulatory Framework" is finalized, with four key conditions set by the Monetary Authority.
Paxos Continues to Drive Stablecoin Innovation and Global Expansion
Paxos also mentioned on Twitter that, based on regulatory guidance and development, they plan to collaborate with more global cryptocurrency exchanges, digital wallets, and trading platforms in the future to expand the reach of USDG to more users and institutions.
As a stablecoin issuer, Paxos is actively introducing various digital assets, such as PayPal USD PYUSD in collaboration with PayPal, Pax Dollar USDP issued on Solana, and tokenized gold supported by one troy ounce of gold, Pax Gold PAXG. Perhaps in the near future, this could bring more market share and visibility to their products.