Paxos Launches Singapore-Compliant USDG Stablecoin with DBS Bank Partnership

Blockchain infrastructure provider Paxos has unveiled Global Dollar (USDG), a new US dollar-backed stablecoin designed to comply with Singapore’s upcoming regulatory framework. The stablecoin, issued by Paxos Digital Singapore Pte. Ltd., will be supported by Southeast Asia’s largest bank, DBS, which will manage cash reserves and provide custody services.

USDG marks Paxos’s sixth digital asset launch and its first from its Singapore entity. Currently available on the Ethereum blockchain, with plans to expand to additional chains, USDG maintains a 1:1 peg with the US dollar through high-quality liquid assets, including US dollar deposits and short-duration government securities.

“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos. He emphasized that the partnership with DBS will catalyze stablecoin innovation and enterprise adoption globally.

The launch follows Paxos’s regulatory approval from the Monetary Authority of Singapore (MAS) in July 2023. The stablecoin is designed to meet the requirements of MAS’s upcoming stablecoin framework, which emphasizes value stability and robust reserve management.

Paxos will distribute USDG through partnerships with global exchanges, wallets, and platforms, targeting both individual and institutional users. This latest offering joins Paxos’s existing digital asset portfolio, which includes PayPal USD (PYUSD), Pax Dollar (USDP), Pax Gold (PAXG), and the UAE-regulated Lift Dollar (USDL).

The company, which has raised over $540 million from investors including Oak HC/FT and Declaration Partners, continues to expand its regulated blockchain infrastructure presence across major financial markets, with operations now spanning the US, UAE, and Singapore.