DBS Bank-Backed Paxos Launches New Stablecoin in Singapore

Paxos, a U.S.-based blockchain infrastructure and tokenization platform, has launched a new stablecoin, Global Dollar (USDG), in Singapore. USDG, developed in compliance with the Monetary Authority of Singapore (MAS) regulations, is backed by U.S. dollar reserves and managed by Paxos Digital Singapore. This stablecoin aims to provide users with a reliable 1:1 dollar-pegged crypto asset, with reserves safeguarded by Southeast Asia’s largest financial institution, DBS Bank.

USDG Offers High Standards of Financial Security

The reserve structure supporting USDG includes only U.S. dollar deposits, short-term U.S. Treasury bonds, and cash-equivalent assets, ensuring users can redeem USDG for fiat currency at any time. To facilitate USDG’s global distribution, Paxos Global will collaborate with crypto exchanges, digital wallets, and financial platforms.

Paxos Product Manager Ronak Daya emphasized that USDG is poised to accelerate global institutional adoption. Daya highlighted that the partnership with DBS Bank aligns with Paxos’ mission to provide a secure and regulated stablecoin solution. Currently based on Ethereum, USDG is expected to expand to additional blockchain networks over time.

Expanding Paxos’ Regulated Crypto Portfolio

USDG marks Paxos’ sixth crypto asset and is the first stablecoin launched in Singapore. Paxos also manages other regulated assets like Pax Dollar (USDP) and PayPal USD (PYUSD) in the U.S., along with Lift Dollar (USDL) in Abu Dhabi. Through these offerings, Paxos aims to reshape traditional financial structures with innovative blockchain solutions.

DBS Bank, as the main banking partner, will ensure USDG’s cash management and reserve security, adding an extra layer of reliability. With DBS Bank’s role in regulatory compliance and safety, users can be confident that USDG tokens are fully backed by real dollars.

Paxos’ blockchain solutions are trusted by industry leaders such as PayPal, Interactive Brokers, and Mastercard. Backed by prominent investors and with over $540 million in total funding, Paxos continues its mission to drive growth in the crypto sector.

Paxos, USDG, DBS Bank, blockchain, stablecoin