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Paxos, the U.S.-based blockchain infrastructure provider, has officially launched its new stablecoin, Global Dollar (USDG), in Singapore. This stablecoin is designed to maintain a 1:1 value against the U.S. dollar and is supported by reserves held in U.S. dollars, ensuring compliance with Singapore’s Monetary Authority regulations. Managed by Paxos Digital Singapore, USDG aims to serve users seeking a dependable digital currency.
What Security Measures Back USDG?
Paxos has established a robust reserve framework that includes U.S. dollar deposits, cash-equivalent assets, and short-term U.S. Treasury bills. This structure guarantees that users can convert their USDG tokens into fiat currency whenever necessary. To broaden the reach of USDG, Paxos Global will partner with exchanges and digital wallets worldwide.
How Does USDG Fit into Paxos’ Portfolio?
With USDG, Paxos adds its sixth cryptocurrency to an impressive lineup, marking the first stablecoin launched from Singapore. The firm also oversees other regulated stablecoins, such as Pax Dollar (USDP) and PayPal USD (PYUSD). This expansion reflects Paxos’ mission to innovate traditional financial frameworks using blockchain technology.
- USDG is backed by secure financial assets to enhance stability.
- Partnership with DBS Bank solidifies the regulatory compliance of USDG.
- Paxos aims to increase institutional adoption globally.
DBS Bank will be instrumental in managing USDG’s reserves, assuring its users of the stablecoin’s reliability. Through this partnership, Paxos reaffirms its commitment to market integrity and compliance. With backing from major industry players like PayPal and Mastercard, Paxos is well-positioned to continue expanding its influence in the cryptocurrency landscape.