According to Foresight News, the stablecoin issuer Paxos has announced the launch of the Singapore-compliant stablecoin Global Dollar (USDG), which is managed by DBS Bank for its US dollar reserves. USDG is supported by a 1:1 dollar reserve, with reserves consisting of US dollar deposits, short-term US government bonds, and other cash equivalents. Paxos launched the interest-bearing stablecoin Lift Dollar (USDL) regulated by the UAE 5 months ago.
USDG has received approval from the Monetary Authority of Singapore (MAS) in July this year, fully complying 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 according to regulatory developments.
