According to Odaily, Standard Chartered Bank has announced its plans to offer cash management, trading, and custody services for Paxos stablecoins issued outside the United States. Paxos has launched the Lift Dollar (USDL) in Abu Dhabi, which currently holds a market capitalization of $54 million, and the Global Dollar (USDG) in Singapore, with a market capitalization of $29 million.
These developments mark a significant step for Paxos as it expands its stablecoin offerings internationally. The partnership with Standard Chartered is expected to enhance the operational efficiency and security of these digital assets, providing a robust infrastructure for their management and exchange. However, it is important to note that Paxos's onshore stablecoin, Paypal USD (PYUSD), is not included in this arrangement. This exclusion suggests a strategic focus on the international market for the time being, potentially paving the way for further global expansion in the stablecoin sector.
