World Crypto Global
- Written by: Jared Kirui
- Mon, 01 Jul 2024
- Israel
Singapore has issued the blockchain technology firm Paxos fullapproval, allowing the New York-based firm to offer digitalpayment token services through its entity, Paxos Digital Singapore Pte. Ltd.This approval from the Monetary Authority of Singapore (MAS) enables Paxos toissue stablecoins under the upcoming stablecoin regulatory framework.Paxos Expands Global Reach With this latest regulatory milestone, Paxos hasexpanded the number of markets where it is authorized to issue stablecoins, including the US and the UAE. The firm has chosen DBS Bank, Southeast Asia'slargest bank by assets, as its primary banking partner for cash management andthe custody of stablecoin reserves.Speaking about the approval, Walter Hessert, the Headof Strategy at Paxos, mentioned: "Stablecoins issued in accordance withstandards set by a regulator like MAS - known for its rigorous regulatorystandards - represent a significant step towards democratizing access tocommerce and financial services. Receiving approval from MAS is an importantstep for Paxos and our global enterprise partners to safely offer access to USdollars to more users around the world."Last year, Paxos obtained an in-principle approval from the Abu Dhabi Global Market's Financial Services Regulatory Authority(FSRA), allowing the company to issue USD and other currency-based stablecoins.The approval also granted Paxos permission to offer crypto-brokerage andcustody services through two regulated ADGM entities. The company mentioned that it also plans to expand theglobal presence of its USD-backed stablecoins.Global ExpansionIn Argentina, Paxos unveiled a yield-bearing stablecoin through crypto platforms Ripio, Buenbit, Manteca, and Plus Crypto.The new digital asset, dubbed Lift Dollar (USDL), aims to maintain its value tothe dollar and offer users an opportunity to earn daily earnings from USgovernment securities and cash equivalent assets.Additionally, Paxos has partnered with Chainlink toboost the adoption of PayPal USD (PYUSD), the USD-backed stablecoin issued byPaxos. This integration aims to provide market data for PYUSD on theblockchain, promoting its adoption for on-chain transactions. PYUSD is backedby dollar deposits, US treasuries, and cash equivalents and aims to facilitatepayments.This article was written by Jared Kirui at www.financemagnates.com.
