Today Standard Chartered announced that it will provide cash management, trading and custody services for Paxos stablecoins issued outside of the United States. Paxos issued the Lift Dollar (USDL) out of Abu Dhabi (market cap $54m) and the Global Dollar (USDG) out of Singapore (market cap $29 million). It also has onshore stablecoins such as Paypal USD (PYUSD) which are not part of this arrangement. The vast majority of reserve assets are held in short dated US Treasuries.
When Paxos unveiled the Global Dollar last month, it said that DBS Bank would provide custody and cash management.
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