Paxos secures Full Approval to issue Stablecoins in Singapore and partners with DBS Bank

Paxos has received full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services. Through Paxos Digital Singapore Pte. Ltd., its subsidiary, Paxos said in a statement on Monday that it is now able to issue stablecoins that comply with MAS's upcoming stablecoin framework. 

The head of strategy at Paxos, Walter Hessert, stated: "Stablecoins issued in compliance with standards established by a regulator like MAS—known for its rigorous regulatory standards—represent a significant step towards democratizing access to financial services and commerce." 

The head of strategy at Paxos, Walter Hessert, stated: "Stablecoins issued in compliance with standards established by a regulator like MAS—known for its rigorous regulatory standards—represent a significant step towards democratizing access to financial services and commerce." For Paxos and our international enterprise partners, getting MAS approval is a critical step toward securely enabling more users worldwide to access US dollars.

Paxos also announced that DBS Bank has been chosen as its primary banking partner for the management of cash and the safekeeping of stablecoin reserves. Recognized as a leader in banking innovation, DBS is the largest bank by assets in Southeast Asia. It has been named the Safest Bank in Asia by Global Finance for 15 consecutive years. Paxos's partnership with DBS is perfect as the company develops and introduces innovative, safe, and regulated financial solutions.

"We are happy to support Paxos' new chapter in Singapore," stated Evy Theunis, Head of Digital Assets, Institutional Banking Group, DBS Bank. We really think that for stablecoins to be adopted more widely, security and trust are vital. 

With this partnership, DBS's extensive involvement in the digital asset ecosystem—of which it has been a pioneer and innovator for a number of years—is further increased, she added.

Singapore is now the third market where Paxos and its affiliated companies are allowed to issue stablecoins, after the United States and the United Arab Emirates. This demonstrates the company's commitment to expanding the number of secure, regulated stablecoins available worldwide. 

This also demonstrates how a company dedicated to safeguarding customers can issue stablecoins and operate them under careful regulatory supervision, the statement added. 

The complete approval from MAS reaffirms Paxos's resolve to adhere to legal frameworks while bringing its products and services to international markets. Attaining the highest operational standards in New York, Singapore, and the Abu Dhabi Global Market in the United Arab Emirates, this milestone demonstrates how Paxos is the most comprehensively regulated blockchain platform globally.

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