Today Paxos announced it received in-principle approval from the Monetary Authority of Singapore to operate digital payment token services. Paxos is one of the few organizations that comfortably spans the cryptocurrency and institutional worlds.
To understand how Paxos might operate in Singapore with a Major Payments Institution License, it’s worth exploring some of its current businesses.
On the cryptocurrency side, Paxos provides a stablecoin solution that includes its own stablecoin – the one used by Meta – and provides the infrastructure for the Binance Dollar BUSD, the third largest stablecoin with an $18 billion balance. It also provides the brokerage service for PayPal’s cryptocurrency offering.
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