【Paxos and DBS Bank Launch USD-Pegged Stablecoin USDG】
Paxos, as a leading regulated blockchain infrastructure and tokenization platform, officially launched the Global Dollar (USDG), a USD-pegged stablecoin that aligns with the upcoming stablecoin framework by the Monetary Authority of Singapore (MAS). USDG is issued by Paxos Digital Singapore Pte. Ltd. and is regulated by MAS. Paxos's subsidiary, Paxos Global Pte. Ltd., will collaborate with exchanges, wallets, and platforms worldwide to provide USDG for both individuals and institutions.
The design goal of USDG is to support the needs of regulated entities that meet higher operational standards, and it is currently issued on the Ethereum blockchain, with plans to support more blockchains in the near future. Paxos only holds high-quality liquid assets as reserves for USDG, including USD deposits, short-term U.S. government securities, and other cash-equivalent assets, to ensure that USDG maintains a stable 1:1 exchange rate with the U.S. dollar, allowing consumers to redeem the tokens for fiat currency at any time.
DBS Bank, the largest bank in Southeast Asia and recognized as Asia's safest bank by Global Finance for 16 consecutive years, will serve as Paxos's primary cash management and USDG reserve asset custodian. The reserve funds for USDG will be managed and safeguarded by Paxos Digital Singapore through DBS Bank.
