Paxos has launched a new stablecoin named USDG, which is compliant with Singapore's regulatory framework and backed by USD reserves managed by DBS Bank. This announcement, made on October 31, marks Paxos' second localized stablecoin offering following the establishment of the interest-bearing Lift Dollar (USDL) in the UAE earlier this year. By meeting the requirements set by the Monetary Authority of Singapore, USDG aims to facilitate stablecoin adoption globally, targeting both crypto ecosystems and regulated institutions. Paxos plans to collaborate with various global crypto exchanges and financial platforms to expand the availability of USDG. The stablecoin is designed to enable users to redeem it for fiat, with its backing consisting of cash equivalents and US government securities, ensuring a 1:1 conversion with the US dollar. The partnership with DBS Bank highlights the growing involvement of traditional financial institutions in the digital asset space, as regulatory clarity encourages innovation.

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