CoinVoice recently learned that, according to Cointelegraph, 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 Paxos's second localized stablecoin product following the launch of the interest-bearing stablecoin Lift Dollar (USDL) regulated by the UAE five months ago.
USDG received approval from the Monetary Authority of Singapore (MAS) in July of this year and fully complies with the stablecoin regulatory framework established by MAS in August 2023. This 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, which includes US dollar deposits, short-term US government bonds, and other cash equivalents. [Original link]