Paxos and Singapore's largest bank DBS roll out USDG stablecoin

Blockchain company Paxosannounced announced the launch of the Global Dollar (USDG) stablecoin, which has already been prepared for the upcoming Singaporean regulations. The new stablecoin is being issued by the Singaporean division of Paxos Digital, and DBS Bank has taken over cash management and custody of dollar reserves.

In simple terms, Paxos has made the digital dollar, and DBS is helping to keep it afloat. The asset is supervised by the Monetary Authority of Singapore, which in this story plays the role of the local central bank.

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What is USDG and who is Paxos?

Paxos has received permission from the Singapore Central Bank (MAS) to issue its stablecoins. So far, USDG, pegged to the US dollar, can only be found on Ethereum, but other blockchains will join it in the future.

Paxos Global Pte, the company's local subsidiary, is going to work with exchanges, wallets, and platforms to get USDG into the hands of both private clients and large players. USDG, by the way, is Paxos' second local project. Before that, they launched Lift Dollar (USDL) in the UAE.

• "The demand for stablecoins in business is through the roof, but there is a lack of a product that would both satisfy regulators and bring real value to companies. USDG is it, where reliability meets a strong partner in the person of DBS. This should be a real impetus for the development and implementation of stablecoins in the corporate environment."

Last August, MAS finalized new rules for digital assets. Their goal is to keep the value of stablecoins in order on the local market. For this to work, issuers must fulfill several conditions: hold highly liquid and low-risk reserves, have at least S$1 million in capital (that's more than $750,000), and disclose important data to token holders. But before these requirements come into effect, they still have to be approved by parliament.

Can you trust Paxos products?

The guys from Paxos are the real kings of stablecoins, but without a crown, of course. Their products and platform are supervised by a serious uncle - the New York Department of Financial Services (NYDFS). They have several stablecoins in their arsenal: their own USDP and PYUSD, which was created specifically for PayPal. They also used to issue BUSD for Binance, but the regulator decided that they had enough. Apparently, they thought that Paxos was taking on too much.

By the way, Stripe has recently launched a service for payments in stablecoins with the help of the same Paxos. This means that you can now not only trade crypto but also pay for coffee at Starbucks using these same coins. DBS Bank has decided to keep up with the trend andhe added tokenization and smart contracts to its products. It turns out that it is no longer just a bank, but almost a blockchain factory.

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