Paxos has received full approval from the Monetary Authority of Singapore (MAS) for its Singapore entity, Paxos Digital Singapore, to offer digital payment token services as a Major Payments Institution. The approval enables Paxos to issue stablecoins in line with MAS’ upcoming stablecoin framework.
With the approval, Singapore becomes the third market, alongside the US and United Arab Emirates, that Paxos and its related entities are authorised to issue stablecoins, showcasing a commitment to expanding access to regulated, secure stablecoins worldwide.
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Walter Hessert, Head of Strategy at Paxos, said: “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. 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.”
DBS Bank selected as primary banking partner
One important aspect that provides users confidence in a stablecoin is having a trusted institutional-grade partner. In this regard, Paxos 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, named the Safest Bank in Asia for 15 consecutive years by Global Finance. DBS is an ideal partner for Paxos as the company builds and launches secure and regulated financial solutions.
Evy Theunis, Head of Digital Assets, Institutional Banking Group at DBS Bank, commented: “We are pleased to support Paxos’ new chapter in Singapore. 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.”
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