Paxos and DBS Bank partner to launch Singapore-compliant stablecoin USDG
blockchain infrastructure company Paxos has announced the launch of a Singapore-compliant stablecoin called Global Dollar (USDG), which is managed by DBS Bank for US dollar reserves. This is Paxos' second localized stablecoin product following the interest-bearing stablecoin Lift Dollar (USDL) regulated in the United Arab Emirates five months ago.
USDG was approved by the Monetary Authority of Singapore (MAS) in July this year and fully complies with MAS's stablecoin regulatory framework set for August 2023. The stablecoin currently operates on the Ethereum blockchain and will expand to other public chains based on regulatory developments in the future. USDG is backed by a 1:1 US dollar reserve, including US dollar deposits, short-term US government bonds, and other cash equivalents.
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