Paxos Launches Singapore-Compliant Stablecoin Global Dollar (USDG)

Stablecoin issuer Paxos has announced the launch of Global Dollar (USDG), a Singapore-compliant stablecoin managed by DBS Bank as a U.S. dollar reserve. USDG is fully backed by 1:1 U.S. dollar reserves, comprising U.S. dollar deposits, short-term U.S. government bonds, and other cash equivalents.

The launch follows approval from the Monetary Authority of Singapore (MAS) in July. USDG is compliant with MAS’s stablecoin regulatory framework, established in August 2023. Initially, the stablecoin operates on the Ethereum blockchain, with plans to expand to other public chains pending regulatory developments.

Source: BlockBeats news