cryptonews.net
Paxos, a leading regulated blockchain infrastructure and tokenization platform, has launched Global Dollar (USDG), a US dollar-backed stablecoin that aligns with MAS’s upcoming stablecoin structure. Paxos Digital Singapore Pte. Ltd. is the issuer of USDG and is regulated by the Monetary Authority of Singapore (MAS). Paxos’ subsidiary, Paxos Global Pte. Ltd., will partner with global exchanges, wallets, and platforms to distribute USDG to individuals and institutions.
USDG is designed to support the needs of regulated institutions that maintain higher standards of operation. USDG is available today on Ethereum and will be issued on more blockchains in the near future. Paxos only holds high-quality liquid assets to back USDG — US dollar deposits, short-term US government securities, and other similar cash equivalents. This ensures that USDG maintains a 1:1 parity with the US dollar, and consumers can exchange their tokens for fiat at any time.
DBS Bank, the largest bank in Southeast Asia by assets and ranked as the safest bank in Asia by Global Finance for 16 consecutive years, will be Paxos’ primary banking partner for cash management and custody of USDG reserves. The dollars backing USDG will be held in reserve and managed by Paxos Digital Singapore through DBS.
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