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