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FinTech firm Paxos is introducing USDG, a stablecoin backed by the U.S. dollar. Its issuance will occur within the jurisdiction of Singapore, adhering to local regulations.
Paxos Digital Singapore, the Singaporean branch of Paxos Trust Company, is launching a global dollar stablecoin (USDG) that will be tied to the U.S. dollar. The initiative is in collaboration with DBS Bank, the largest financial institution in Southeast Asia, which will maintain the currency collateral for the asset.
Alongside dollars, the reserves for USDG will be kept in short-term U.S. government securities and other high-quality liquid financial instruments. Holders of USDG will have the option to redeem their tokens for fiat currency at any time. Distribution will be managed by Paxos Global, another division of Paxos that is registered in Singapore. USDG will be under the regulation of the Monetary Authority of Singapore (MAS).
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The asset will initially be launched on the Ethereum blockchain, with plans to expand to other major networks in the future.
Ronak Daya, Head of Product at Paxos, stated in a press release that USDG, owing to its strength, will stimulate the advancement of stablecoin innovation and promote global adoption among corporate entities.
Max Krupyshev, CEO of CryptoProcessing.com, remarked during the Purpose Driven FinTech podcast that today’s financial technology innovators must grasp smart contracts and blockchain to develop innovative business solutions.
Paxos, a frontrunner in regulated blockchain infrastructure and tokenization, revealed an enterprise solution for stablecoin payments in mid-October. Additionally, earlier this year, Paxos introduced Lift Dollar (USDL), a regulated yield-bearing stablecoin. Other digital asset offerings from Paxos include Pax Dollar (USDP) and Pax Gold (PAXG). The company is also the issuer of the PayPal USD (PYUSD) stablecoin and previously issued and supported Binance USD (BUSD).
Сообщение Paxos Issues Regulated Dollar-Pegged Stablecoin USDG появились сначала на CoinsPaid Media.
