Paxos Launches Singapore-Compliant Stablecoin USDG Backed by US Dollar Reserves.
Paxos, a stablecoin issuer, launched its Singapore-compliant stablecoin, the Global Dollar (USDG), on November 1. The USDG is managed by DBS Bank as a U.S. dollar reserve. The stablecoin is fully backed by 1:1 U.S. dollar reserves, consisting of U.S. dollar deposits, short-term U.S. government bonds, and other cash equivalents.
USDG received approval from the Monetary Authority of Singapore (MAS) in July and is compliant with MAS’s stablecoin regulatory framework established in August 2023. Currently, the stablecoin operates on the Ethereum blockchain, with plans to expand to other public chains in the future, pending regulatory developments.