Paxos To Offer US Dollar-Backed Stablecoin in Singapore
Stablecoin issuer Paxos has received a preliminary license from authorities in Singapore to set up digital payment token services. The firm will set up a new entity called Paxos Digital Singapore Pte. Ltd. The Monetary Authority of Singapore (MAS) has approved the firm under the Payments Services Act (PSA). However, Paxos is still awaiting full approval from the MAS. Also Read: Singapore’s New President is No Big Crypto Fan; Called It Crazy According to the firm’s executives, they will partner with clients to issue a US dollar-backed stablecoin upon receiving the full license. The announcement notes that Paxos has a 1:1 backing for all issued tokens. According to the company’s Head of Strategy, Walter Hessert, ‘Global demand for the US dollar has never been stronger, yet it remains difficult for consumers outside the US to get dollars safely, reliably, and under regulatory protections. ‘ The company’s executives hope the new venture will attract n...
