You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/paxos-launches-new-stablecoin-usdg-in-singapore/" data-wpel-link="internal">Paxos Launches New Stablecoin USDG in Singapore</a> 
Paxos, a <a href="https://en.coin-turk.com/eigenlayer-launches-eigenda-for-ethereum-mainnet-services/" data-wpel-link="internal">blockchain</a> infrastructure and tokenization platform based in the United States, has introduced a new stablecoin named Global Dollar (USDG) in Singapore. This stablecoin is backed by reserves in U.S. dollars and developed in compliance with the regulations of the Monetary Authority of Singapore (MAS). Managed by Paxos Digital Singapore, USDG aims to provide users with a reliable <a href="https://en.coin-turk.com/bitcoin-struggles-below-30000-as-bitgo-abandons-prime-trust-acquisition/" data-wpel-link="internal">cryptocurrency</a> at a 1:1 dollar parity. The dollar reserves for this stablecoin are managed by DBS Bank, the largest bank in Southeast Asia. 
<h2 style="text-align: justify" id="strong-usdg-supported-by-high-standard-financial-security-strong">USDG Supported by High-Standard Financial Security</h2> 
To support USDG, Paxos has a reserve mechanism based solely on U.S. dollar deposits, short-term U.S. Treasury bills, and cash-equivalent assets. This allows users to exchange their USDG coins for fiat currency at any time. Paxos Global, a subsidiary of Paxos, will collaborate with exchanges, digital wallets, and platforms for the global distribution of USDG. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-402708" src="https://coin-turk.com/wp-content/uploads/2024/11/Paxos-Global-Dollar-USDG.jpeg" alt="" width="1201" height="628"> 
Ronak Daya, Paxos’ Product Manager, stated that USDG will accelerate global institutional adoption. Daya emphasized that Paxos provides a stable and reliable solution, adding that the partnership with DBS Bank aims to offer an innovative and regulated stablecoin. The company plans to launch USDG on Ethereum and eventually expand to other blockchain networks. 
<h2 style="text-align: justify" id="strong-paxos-expands-its-regulated-cryptocurrency-portfolio-strong">Paxos Expands Its Regulated Cryptocurrency Portfolio</h2> 
USDG is the sixth cryptocurrency launched by Paxos and represents the first stablecoin issued in Singapore. The company also manages other regulated stablecoins like Pax Dollar (USDP) and PayPal USD (PYUSD), which are regulated by the New York State Department of Financial Services (NYDFS), as well as Lift Dollar (USDL), a yield-bearing stablecoin regulated by the Abu Dhabi Global Market (ADGM). Paxos aims to reconstruct outdated structures in the global financial system with blockchain solutions. 
DBS Bank will play a key role as Paxos’ primary banking partner, ensuring cash management and the security of reserves for USDG. According to the assurances provided by Paxos, users can always redeem their USDG coins for actual dollars. DBS’s contribution to this process significantly enhances the stability and regulatory compliance of the stablecoin. 
Paxos’ new financial solutions built on blockchain infrastructure are utilized by industry leaders such as PayPal, Interactive Brokers, and Mastercard. Supported by prominent investors, Paxos continues its growth in the sector with investment funds exceeding $540 million. 
The post <a href="https://en.coin-turk.com/paxos-launches-new-stablecoin-usdg-in-singapore/" data-wpel-link="internal">Paxos Launches New Stablecoin USDG in Singapore</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Paxos Launches New Stablecoin USDG in Singapore

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