Paxos Launches Singapore Compliant Stablecoin USDG with DBS Bank

On November 1, blockchain infrastructure company Paxos announced the launch of Global Dollar (USDG), a Singapore-compliant stablecoin that is managed by DBS Bank for USD reserves. This is the second localized stablecoin offering from Paxos, following the launch of the UAE-regulated interest-bearing stablecoin Lift Dollar (USDL) five months ago. USDG was approved by the Monetary Authority of Singapore (MAS) in July this year and is fully compliant with the MAS August 2023 regulatory framework for stablecoins. The stablecoin currently runs on the Ether blockchain and will be extended to other public chains in the future as regulations evolve. USDG is backed by 1:1 US dollar reserves in the form of US dollar deposits, short-term US government bonds and other cash equivalents.