PANews November 1 report, according to Cointelegraph, Paxos announced the launch of its second localized stablecoin product USDG in Singapore, which is a stablecoin compliant with Singapore regulations, with its USD reserves managed and held by DBS Bank. USDG complies with the upcoming stablecoin framework established by MAS in August 2023. Therefore, USDG is currently available on the Ethereum blockchain and will be launched on other blockchains as regulations evolve.
This move comes just five months after the establishment of its interest-bearing stablecoin Lift Dollar (USDL) regulated by the UAE. It is reported that Paxos's branch in Singapore, Paxos Digital Singapore, received approval from the Monetary Authority of Singapore (MAS) for USDG in July.
