Paxos International, a prominent blockchain and tokenization platform, has received full regulatory approval from the Monetary Authority of Singapore (MAS) to launch a stablecoin in collaboration with DBS Bank, Southeast Asia’s largest bank.
The approval grants Paxos the status of a Major Payment Institution, allowing it to offer digital payment token services in Singapore under MAS’ upcoming regulatory framework. This marks Paxos’ third international market for stablecoin issuance, following clearances in the United States and the United Arab Emirates, as announced on July 1.
Walter Hessert, Paxos’ head of strategy, emphasized the significance of MAS’ endorsement in expanding Paxos’ regulated stablecoin offerings globally: “Stablecoins issued in accordance with standards set by a regulator like MAS… represent a significant step toward democratizing access to commerce and financial services.”
In selecting DBS as its primary banking partner, Paxos aims to leverage DBS’ robust cash management and custody services for the reserves backing the stablecoin. Evy Theunis, head of digital assets at DBS Bank, highlighted the importance of trust and security in facilitating broader stablecoin adoption: “Our solutions will help stablecoin issuers meet the robust standards expected by regulators and customers alike.”
