Paxos Gains Singapore Approval for Stablecoin Issuance With DBS Providing Custody

• Digital asset company Paxos received Monetary Authority of Singapore approval to offer digital payment token services, enabling it to issue stablecoins.

• DBS will be the company’s banking partner for cash management and the custody of its stablecoin reserves.

Digital asset company Paxos said it received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, the company’s third jurisdiction.

In a Monday statement, the issuer, whose products include PayPal USD (PYUSD) as well as its own Pax Dollar (USDP), also said DBS, the state’s biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves.

Last year, Singapore released a stablecoin framework requiring issuers to meet certain stability and redemption requirements. The New York-based company is also authorized in New York and the United Arab Emirates.

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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

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