Paxos Unleashes Innovative USD Stablecoin for Singapore Prosperity

Key Points:

  • Paxos becomes the only company approved by the Monetary Authority of Singapore (MAS) for stablecoin issuance.
  • The move follows Singapore’s finalized stablecoin framework, positioning Paxos as a regulatory trailblazer.
Paxos is set to launch a USD-backed stablecoin in Singapore (USD Stablecoin for Singapore), establishing Paxos Digital Singapore Pte. Ltd. with in-principle approval from the Monetary Authority of Singapore.
Paxos Unleashes Innovative USD Stablecoin for Singapore Prosperity

This move aligns with Singapore’s stablecoin regulatory framework finalized in August. Paxos, the sole company approved by MAS, plans to introduce the stablecoin with new branding. While specific details are pending, the stablecoin will be USD-backed and issued by the Singapore entity.

Paxos, already offering the USD-backed stablecoin USDP in the U.S., expands to Singapore for regulatory compliance and strategic partnerships. The entity aims to collaborate with enterprise clients for stablecoin issuance, echoing Paxos’s successful partnership with PayPal in the U.S., where Paxos issued the PYUSD stablecoin.

Paxos Unleashes Innovative USD Stablecoin for Singapore Prosperity

Paxos terminated BUSD stablecoin issuance following regulatory orders from the New York Department of Financial Services. The new Singapore entity, Paxos Digital Singapore Pte. Ltd., marks Paxos’s second regulated venture in the country, with the first obtaining a license last year to provide digital payment token services under the Payment Services Act 2019. This license allowed Paxos USD-backed stablecoin to offer its crypto brokerage platform to Singapore-based customers for various crypto-related transactions.

Paxos, backed by prominent investors like Bank of America, Founders Fund, and Coinbase Ventures, has secured over $540 million in funding to date. The company, valued at $2.4 billion in its latest Series D round in 2021, continues to navigate global regulatory landscapes while expanding its footprint in the crypto and stablecoin markets.

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