Paxos and DBS Bank Partner to Launch USDG Stablecoin in Singapore

BlockBeats reported that on November 1, Paxos, a stablecoin issuer, posted on social media, announcing the launch of Singapore's compliant stablecoin Global Dollar (USDG), which is managed by DBS Bank for US dollar reserves.

It is reported that USDG is backed by 1:1 US dollar reserves, and the reserves include US dollar deposits, short-term US government bonds and other cash equivalents. USDG was approved by the Monetary Authority of Singapore (MAS) in July this year and is fully compliant with the stablecoin regulatory framework established by MAS in August 2023. The stablecoin currently runs on the Ethereum blockchain and will be expanded to other public chains in the future based on regulatory developments.