Paxos Partners with DBS Bank to Launch USDG, a US Dollar-Backed Stablecoin

Paxos launches USDG, a stablecoin compliant with Singapore regulations, and works with DBS Bank to establish a US dollar reserve that complies with the framework of the Monetary Authority of Singapore. USDG complies with the upcoming stablecoin framework set by MAS in August 2023. As a result, USDG is currently available on the Ethereum blockchain and will be launched on other blockchains as regulation evolves. This move comes just five months after it established the UAE-regulated interest-paying stablecoin Lift Dollar (USDL). It is reported that Paxos's Singapore branch, Paxos Digital Singapore, received approval for USDG from the Monetary Authority of Singapore (MAS) in July. (Cointelegraph)