PANews reported on July 2 that according to The Block, Paxos announced that it has obtained full approval from the Monetary Authority of Singapore (MAS), and its Singapore entity Paxos Digital Singapore Pte. Ltd. can provide digital payment token services as a major payment institution. Paxos will be able to issue stablecoins based on the MAS's upcoming stablecoin framework. At the same time, DBS Bank will become Paxos' partner in cash management and stablecoin reserve custody. It is reported that Paxos has previously been approved to issue stablecoins in the United States and the UAE. So far, a total of 19 crypto companies have obtained Singapore's Major Payment Institution (MPI) licenses, including Paxos, Blockchain.com, Circle and Coinbase.