According to Wu, Paxos has received approval from the Singapore central bank, which will allow the company to issue stablecoins that comply with Singapore's stablecoin framework. Paxos' Singapore entity, Paxos Digital Singapore Pte.LTD., will be allowed to provide "digital payment token services" as a major payment institution. In addition, Paxos is working with DBS Bank to meet cash management needs and host stablecoin reserves.
