Back in March, Paxos announced it received an in-principle license approval as a Major Payments Institution from the Monetary Authority of Singapore (MAS). And today it confirmed the license has been granted. Also today, Circle, the issuer of the USDC stablecoin, received its in-principle approval.
While the licenses are the same, Paxos provides a broader range of services. Apart from its own modest Paxos dollar (USDP) stablecoin, it is also the issuer of the Binance stablecoin (BUSD), which is the third largest.
The license covers Paxos crypto brokerage, stablecoins, and custody services in Singapore, expanding its services to Singapore residents and clients wishing to operate in Singapore. Its institutional clients include PayPal, Mastercard and EDXM, a new institutional crypto exchange backed by Schwab, Fidelity and Citadel Securities.
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