Paxos to issue a stablecoin that
is substantively compliant with MAS' upcoming
stablecoin framework
DBS selected as primary banking partner for
cash management and custody of stablecoin
reserves
SINGAPORE, July 1, 2024
/PRNewswire/ -- Paxos, the leading regulated blockchain &
tokenization infrastructure platform, received full approval from
the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte.
Ltd. to offer digital payment token services as a Major Payments
Institution. The approval enables Paxos to issue stablecoins in
line with MAS' upcoming stablecoin framework.
With the approval, Singapore
becomes the third market, alongside the US and United Arab Emirates, that Paxos and its
related entities are authorized to issue stablecoins, showcasing a
commitment to expanding access to regulated, secure stablecoins
worldwide. This also highlights how stablecoin
issuance and operation under prudential regulatory oversight is
possible when a company is committed to protecting consumers.
Walter Hessert, Head of
Strategy at Paxos, said: "Stablecoins issued in accordance
with standards set by a regulator like MAS - known for its rigorous
regulatory standards - represent a significant step towards
democratizing access to commerce and financial services. Receiving
approval from MAS is an important step for Paxos and our global
enterprise partners to safely offer access to US dollars to more
users around the world."
One important aspect that provides users confidence in a
stablecoin is having a trusted institutional-grade
partner. In this regard, Paxos is pleased to announce that it
has selected DBS Bank as its primary banking partner for cash
management and the custody of stablecoin reserves. DBS
is Southeast Asia's largest bank
by assets, named the Safest Bank in Asia for 15 consecutive years by Global
Finance, and has been recognized as a leader in banking innovation.
DBS is an ideal partner for Paxos as the company builds and
launches cutting-edge, secure and regulated financial
solutions.
Evy Theunis, Head of Digital
Assets, Institutional Banking Group at DBS Bank, said: "We
are pleased to support Paxos' new chapter in Singapore. We firmly believe that trust and
security are key to wider stablecoin adoption. Having
examined all relevant aspects that come with managing reserve
assets, stablecoin issuers will find that our
solutions will help them meet the robust standards regulators and
customers expect from them. This partnership further expands DBS'
wide-ranging involvement across the digital asset ecosystem, of
which we have been a pioneer and innovator for several years
now."
Receiving full approval from MAS reinforces Paxos's commitment
to comply within regulated frameworks as it expands products and
services to global markets. This milestone showcases how Paxos is
the most comprehensively regulated blockchain platform in the
world, meeting the highest operating standards in New York, United
Arab Emirates and Singapore.
To learn more about Paxos, its regulated infrastructure or its
products, visit www.paxos.com.
About Paxos
Paxos is the leading regulated
blockchain infrastructure and tokenization platform. Its products
are the foundation for a new, open financial system that can
operate faster and more efficiently. Today, trillions of dollars
are locked in inefficient, outdated financial plumbing that is
inaccessible to millions of people. Paxos is replatforming the
financial system to enable assets to instantaneously move anywhere
in the world, at any time, in a trustworthy way.
Paxos partners with leading global enterprises to tokenize,
custody and trade assets. Its blockchain solutions are used by
leaders like PayPal, Interactive Brokers, Mastercard, Mercado Libre and Nubank. It is the issuer of
numerous regulated digital assets including PayPal USD (PYUSD), Pax
Dollar (USDP) and Pax Gold (PAXG). Its affiliate company Paxos
International issues the yield-bearing regulated
stablecoin Lift Dollar (USDL). Prudentially regulated
by the NYDFS in the US, the MAS in Singapore and FSRA in Abu Dhabi Global Market,
Paxos is a top-funded fintech company with more than $540 million raised from leading investors
including Oak HC/FT, Declaration Partners, Founders Fund, Mithril
Capital and PayPal Ventures.
Contact: press@paxos.com
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets.
Headquartered and listed in Singapore, DBS is in the three key Asian axes
of growth: Greater China,
Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit
ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named
"World's Best Bank" by Global Finance, "World's Best Bank" by
Euromoney and "Global Bank of the Year" by The Banker. The bank is
at the forefront of leveraging digital technology to shape the
future of banking, having been named "World's Best Digital Bank" by
Euromoney and the world's "Most Innovative in Digital Banking" by
The Banker. In addition, DBS has been accorded the "Safest Bank in
Asia" award by Global Finance for
15 consecutive years from 2009 to 2023.
DBS provides a full range of services in consumer, SME and
corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing
business in the region's most dynamic markets.
DBS is committed to building lasting relationships with
customers, as it banks the Asian way. Through the DBS Foundation,
the bank creates impact beyond banking by supporting businesses for
impact: enterprises with a double bottom-line of profit and social
and/or environmental impact. DBS Foundation also gives back to
society in various ways, including equipping underserved
communities with future-ready skills and helping them to build food
resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering
its staff, DBS presents exciting career opportunities. For
more information, please visit www.dbs.com.
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SOURCE Paxos