Singapore has issued the blockchain technology firm Paxos full approval, allowing the New York-based firm to offer digital payment token services through its entity, Paxos Digital Singapore Pte. Ltd. This approval from the Monetary Authority of Singapore (MAS) enables Paxos to issue stablecoins under the upcoming stablecoin regulatory framework.
Paxos Expands Global Reach
With this latest regulatory milestone, Paxos has expanded the number of markets where it is authorized to issue stablecoins, including the US and the UAE. The firm has chosen DBS Bank, Southeast Asia's largest bank by assets, as its primary banking partner for cash management and the custody of stablecoin reserves.
Speaking about the approval, Walter Hessert, the Head of Strategy at Paxos, mentioned: "Stablecoins issued in accordance with standards set by a regulator like MAS - known for its rigorous regulatory standards - represent a significant step towards democratizing access to commerce and financial services. Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world."
Last year, Paxos obtained an in-principle approval from the Abu Dhabi Global Market's Financial Services Regulatory Authority (FSRA), allowing the company to issue USD and other currency-based stablecoins. The approval also granted Paxos permission to offer crypto-brokerage and custody services through two regulated ADGM entities. The company mentioned that it also plans to expand the global presence of its USD-backed stablecoins.
Global Expansion
In Argentina, Paxos unveiled a yield-bearing stablecoin through crypto platforms Ripio, Buenbit, Manteca, and Plus Crypto. The new digital asset, dubbed Lift Dollar (USDL), aims to maintain its value to the dollar and offer users an opportunity to earn daily earnings from US government securities and cash equivalent assets.
Additionally, Paxos has partnered with Chainlink toboost the adoption of PayPal USD (PYUSD), the USD-backed stablecoin issued by Paxos. This integration aims to provide market data for PYUSD on theblockchain, promoting its adoption for on-chain transactions. PYUSD is backed by dollar deposits, US treasuries, and cash equivalents and aims to facilitate payments.
This article was written by Jared Kirui at www.financemagnates.com.
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