Paxos partners with DBS Bank to launch Singapore-compliant stablecoin USDG

ChainCatcher news, according to Cointelegraph, blockchain infrastructure company Paxos has announced the launch of the Singapore-compliant stablecoin Global Dollar (USDG), which is managed by DBS Bank for its USD reserves. This is the second localized stablecoin product launched by Paxos, following the interest-bearing stablecoin Lift Dollar (USDL) regulated in the UAE five months ago.

USDG received approval from the Monetary Authority of Singapore (MAS) in July this year and fully complies with the stablecoin regulatory framework established by MAS in August 2023. The stablecoin currently operates on the Ethereum blockchain and will expand to other public chains based on regulatory developments in the future. USDG is backed by a 1:1 USD reserve, which includes USD deposits, short-term U.S. government bonds, and other cash equivalents.