Last July Paxos Global confirmed it received the regulatory go ahead from the Monetary Authority of Singapore (MAS) to issue a stablecoin, with DBS Bank as custody partner. Today it confirmed the launch of the USDG stablecoin, which it refers to as the ‘global dollar’. Given Paxos has a background of partnering with institutions such as PayPal and Stripe, it says the Ethereum stablecoin is “designed to support the needs of regulated institutions that maintain higher standards of operation.”
“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos.
“USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.”
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