Digital asset company Paxos received Monetary Authority of Singapore approval to offer digital payment token services, enabling it to issue stablecoins.DBS will be the company's banking partner for cash management and the custody of its stablecoin reserves.
SourceDigital asset company Paxos said it received full approval from the Monetary Authority of Singapore to offer digital payment token services in the country, the company's third jurisdiction.
In a Monday statement, the issuer, whose products include PayPal USD (PYUSD) as well as its own Pax Dollar (USDP), also said DBS, the state's biggest bank, will be its primary banking partner for cash management and the custody of its stablecoin reserves.
Last year, Singapore released a stablecoin framework requiring issuers to meet certain stability and redemption requirements. The New York-based company is also authorized in New York and the United Arab Emirates.
See also: Asian Banking Giant DBS Is Patiently Wading Into Crypto
Edited by Sheldon Reback.