USDG (acashcorp.com)

Stablecoin

Dollar

Bank

USDG (ysec.finance)

<ul class="wp-block-list"> 
 <li><strong>Paxos launches USDG, a US dollar-backed stablecoin, in Singapore.</strong></li> 
 <li><strong>USDG’s reserves are managed by DBS Bank, ensuring high compliance standards.</strong></li> 
</ul> 
<p>Paxos has officially <a href="https://x.com/Paxos/status/1852097994595893693" target="_blank" rel="noreferrer noopener nofollow">launched </a>the Global Dollar (USDG), a US dollar-backed stablecoin, in Singapore. This move aligns with the Monetary Authority of Singapore’s (MAS) regulatory framework. Furthermore, the stablecoin’s reserves will be managed by DBS Bank, Southeast Asia’s largest bank, which ensures high compliance with financial standards.</p> 
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 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">(1/4) Today marks an exciting milestone in Paxos’ history. We’re pleased to introduce <a href="https://twitter.com/global_dollar?ref_src=twsrc%5Etfw">@global_dollar</a>, the latest US dollar-backed stablecoin issued by Paxos. This is the 6th trusted digital asset from Paxos and its affiliates.<br><br>View the official press release here:… <a href="https://t.co/G7fb9Ny9bT">pic.twitter.com/G7fb9Ny9bT</a></p>— Paxos (@Paxos) <a href="https://twitter.com/Paxos/status/1852097994595893693?ref_src=twsrc%5Etfw">October 31, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Initially, USDG will be available on the Ethereum blockchain, with plans to integrate it into additional blockchains soon. By adhering to MAS’s strict regulations, USDG aims to enhance enterprise adoption of stablecoins. The stablecoin will be backed 1:1 by high-quality liquid assets, including US dollar deposits and short-duration government securities.</p> 
<h3 class="wp-block-heading" id="h-paxos-partnership-with-dbs-bank">Paxos’ Partnership with DBS Bank&nbsp;</h3> 
<p>According to Paxos Head of Product Ronak Daya, enterprise interest in stablecoins has surged. However, the market lacks compliant solutions that offer economic incentives. Thus, USDG aims to fill this gap by providing a trusted solution alongside <a href="https://thenewscrypto.com/singapores-dbs-bank-launches-blockchain-powered-banking/" target="_blank" rel="noreferrer noopener">DBS Bank</a>, fostering innovation and enterprise adoption globally.</p> 
<p>The <a href="https://paxos.com/blog/paxos-introduces-global-dollar-usdg/" target="_blank" rel="noreferrer noopener nofollow">launch </a>follows a recent MAS announcement, which outlined the requirements for stablecoin issuers in Singapore. Notably, stablecoin payments in the region reached a remarkable $1 billion in Q2, showcasing a significant rise from $161 million in 2023. This growth highlights the efficiency and cost-effectiveness of stablecoins, which facilitate faster transactions.</p> 
<p>Moreover, Paxos has obtained full <a href="https://thenewscrypto.com/crypto-exchange-gemini-secures-in-principle-approval-in-singapore/" target="_blank" rel="noreferrer noopener">approval</a> from MAS, enabling it to provide crypto services. This marks a pivotal step in building trust and stability within the digital asset landscape. The partnership with DBS Bank reinforces USDG’s credibility, attracting both crypto-native businesses and traditional financial institutions.</p> 
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Paxos Unveils USDG Stablecoin in Singapore Backed by DBS

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