Paxos Launches USDG Stablecoin Compliant With Singapore Regulations

According to Odaily, Paxos has introduced a new stablecoin, USDG, which complies with Singapore's regulatory framework. The stablecoin is developed in collaboration with DBS Bank to establish USD reserves in line with the Monetary Authority of Singapore (MAS) guidelines. The USDG stablecoin adheres to the upcoming stablecoin framework set by MAS in August 2023. Currently, USDG is available on the Ethereum blockchain and is expected to expand to other blockchains as regulations evolve. This development comes just five months after Paxos launched the interest-bearing stablecoin Lift Dollar (USDL) under the regulation of the United Arab Emirates. Paxos Digital Singapore, the company's branch in Singapore, received approval from MAS for USDG in July. This approval marks a significant step for Paxos in expanding its regulatory-compliant stablecoin offerings in the region.