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Paxos Gains Approval from MAS to Issue Stablecoins and Digital Payment Tokens, Partners with DBS Bank

Jul 2, 2024, 07:27 AM

Paxos has received full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services and issue stablecoins in Singapore. This approval allows Paxos to partner with DBS Bank, Singapore's largest bank, which will custody stablecoin reserves and provide related cash management services. This strategic alliance marks a significant step forward in the digital payment industry and follows the June 30th MiCA windfall in stablecoin regulation, which is expected to inject trillions into the crypto ecosystem.