Paxos receives full approval from Singapore central bank to issue stablecoin and will work with DBS Bank

According to TechFlow, the stablecoin issuer Paxos has obtained full approval from the Central Bank of Singapore to issue stablecoins and cooperate with DBS Bank.

Paxos’ Singapore entity is now allowed to provide “digital payment token services” as a major payment institution. In addition, Paxos also announced a partnership with DBS Bank to handle cash management needs and custody stablecoin reserves. This collaboration will expand DBS Bank’s participation in the digital asset ecosystem.