Paxos Gets Initial Approval in Singapore for New Regulated USD Stablecoin Entity
-
Paxos gets initial approval in Singapore for new entity to issue USD stablecoin compliant with upcoming regulations
-
The stablecoin will be issued through Paxos Digital Singapore once full approval is granted
-
This allows Paxos to bring its regulated platform to more users globally amid high demand for US dollars
-
Paxos also mints stablecoins for PayPal and Binance but was ordered to cease BUSD issuance by NY regulator
-
Paxos says its stablecoins are fully backed by USD and issues monthly attestations to ensure compliance