Paxos Gains Approval from Singapore's Central Bank to Issue Stablecoins with DBS Group

Jul 2, 2024, 10:26 AM

Paxos has received full approval from the Monetary Authority of Singapore (MAS) to issue stablecoins. The company plans to issue a stablecoin that will be substantively compliant with MAS' upcoming stablecoin framework. Singapore's largest bank, DBS Group, will provide custodial services for Paxos and serve as its primary banking partner. This approval from Singapore's central bank marks a significant step for Paxos in expanding its digital payment token services in Singapore.