Paxos to issue a stablecoin that is substantively compliant with MAS\' upcoming stablecoin framework

DBS selected as primary banking partner for cash management and custody of stablecoin reserves. SINGAPORE, July 1, 2024 /PRNewswire/ -- Paxos

Paxos, a leading regulated blockchain & tokenization infrastructure platform, has received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore Pte. Ltd., to offer digital payment token services as a Major Payments Institution. This approval will enable Paxos to issue stablecoins in line with MAS' upcoming stablecoin framework.

With this approval, Singapore becomes the third market, alongside the US and United Arab Emirates, where Paxos and its related entities are authorized to issue stablecoins, demonstrating a commitment to expanding access to regulated, secure stablecoins worldwide. This also highlights how stablecoin issuance and operation under prudential regulatory oversight is possible when a company is dedicated to protecting consumers.

"Stablecoins issued in accordance with standards set by a regulator like MAS - known for its rigorous regulatory standards - represent a significant step towards democratizing access to commerce and financial services," said Walter Hessert, Head of Strategy at Paxos. "Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world."

One crucial aspect that provides users confidence in a stablecoin is having a trusted institutional-grade partner. In this regard, Paxos is pleased to announce that it has selected DBS Bank as its primary banking partner for cash management and the custody of stablecoin reserves.

DBS is Southeast Asia's largest bank by assets, having been named the Safest Bank in Asia for 15 consecutive years by Global Finance and recognized as a leader in banking innovation. DBS is an ideal partner for Paxos as the company builds and launches cutting-edge, secure and regulated financial solutions.

"We are pleased to support Paxos' new chapter in Singapore," said Evy Theunis, Head of Digital Assets, Institutional Banking Group at DBS Bank. "We firmly believe that trust and security are key to wider stablecoin adoption. Having examined all relevant aspects that come with managing reserve assets, stablecoin issuers will find that our solutions will help them meet the robust standards regulators and customers expect from them. This partnership further expands DBS' wide-ranging involvement across the digital asset ecosystem, of which we have been a pioneer and innovator for several years now."

Receiving full approval from MAS further reinforces Paxos's commitment to operating within regulated frameworks as it expands products and services to global markets. This milestone showcases how Paxos is the most comprehensively regulated blockchain platform in the world, meeting the highest operating standards in New York, United Arab Emirates and Singapore.

To learn more about Paxos, its regulated infrastructure or its products, visit www.paxos.com.

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