Paxos Partners with Singapore’s DBS Bank to Introduce a New Stablecoin! Here Are the Details

Paxos, a leader in blockchain and tokenization infrastructure, has introduced the Global Dollar (USDG), a new US dollar-backed stablecoin that aims to promote global stablecoin adoption.

Paxos Launches USDG Stablecoin to Drive Global Adoption in Partnership with DBS Bank Singapore

Issued by Paxos Digital Singapore Pte. Ltd., USDG is regulated by the Monetary Authority of Singapore (MAS) and is aligned with Singapore’s upcoming stablecoin framework.

USDG is designed to meet the standards of regulated institutions, promising 1:1 parity with the US dollar and backed by high-quality liquid assets, including dollar deposits and short-term US government securities.

The token is initially available on Ethereum, with plans to expand to other blockchains soon. USDG’s stability is developed through a strategic partnership with DBS Bank in Southeast Asia, which will serve as the primary banking partner for cash management and custody of USDG reserves.

DBS will hold US dollar reserves and allow USDG holders to redeem tokens for fiat currency at any time.

Paxos Product Manager Ronak Daya emphasized the firm’s focus on institutional adoption. “USDG offers a trusted solution with a top-tier banking partner in DBS that will be a catalyst to drive stablecoin innovation and institutional adoption globally,” Daya said.

USDG is the latest addition to Paxos’ growing suite of regulated digital assets, which includes PayPal USD (PYUSD), Pax Dollar (USDP), and Pax Gold (PAXG), all issued under the supervision of the New York Department of Financial Services.

Additionally, Paxos’ Abu Dhabi-based subsidiary, Paxos International, issues the yield-generating Lift Dollar (USDL) stablecoin. These assets have consistently provided clients with reliable, 1:1 asset parity under strict regulatory frameworks.

*This is not investment advice.