Stablecoin issuer Paxos announces the launch of a new stablecoin USDG backed by the US dollar, which also complies with Singapore regulations, managed by DBS Bank for USDG's US dollar reserves.
The USDG stablecoin officially debuts, with DBS Bank as a key partner.
Stablecoin issuer Paxos launched the new stablecoin USDG on 10/31, marking the second regional product following the yield-generating stablecoin USDL launched by its subsidiary Paxos International in the UAE. USDG will adhere to the stablecoin framework introduced by the Monetary Authority of Singapore (MAS) in August 2023 and received MAS approval in July of this year, currently issued on Ethereum.
The USDG stablecoin is fully pegged to the US dollar and is backed by US dollar reserve assets, which include US dollar deposits, short-term US Treasury bills, and other cash equivalents.
MAS Stablecoin Regulatory Framework
(Singapore's 'Final Stablecoin Regulatory Framework' finalized, the Monetary Authority of Singapore sets out four major conditions)
Paxos continues to advance stablecoin innovation and global development.
Paxos also stated on Twitter that based on regulatory directions and developments, they plan to collaborate with more global cryptocurrency exchanges, digital wallets, and trading platforms in the future, allowing USDG to reach more users and institutions.
As a stablecoin issuer, Paxos is also actively launching various digital assets, such as the PayPal USD (PYUSD) launched in collaboration with PayPal, the Pax Dollar (USDP) issued on Solana, and the tokenized gold Pax Gold (PAXG) backed by one troy ounce of gold. Perhaps in the near future, this could bring more market share and visibility to their products.
This article PAXOS once again partners with DBS to launch the new stablecoin USDG, promoting the development of stablecoins first appeared in Chain News ABMedia.
