Hassan Maishera
TL;DR
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Paxos has received the Monetary Authority of Singapore's approval to issue stablecoins in the country.
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The company has chosen DBS as its banking partner for cash management and the custody of its stablecoin reserves.
Paxos Receives Regulatory Approval in Singapore for Stablecoin Issuance
Digital asset company Paxos announced that it has received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country.
Paxos, which issues the PayPal USD (PYUSD) as well as its own Pax Dollar (USDP) stablecoins revealed that it selected DBS, the state's biggest bank, as its primary banking partner for cash management and the custody of its stablecoin reserves.
This latest development comes roughly a year after Singapore launched a stablecoin framework that requires issuers to meet certain stability and redemption requirements. Singapore is Paxos’s third jurisdiction as it is also allowed to operate in New York and the United Arab Emirates.
