Paxos receives full approval from Singapore's central bank to issue stablecoins, partners with DBS Bank

Paxos received approval from Singapore's central bank to offer certain services that will ultimately allow the firm to issue stablecoins.

Paxos received approval from Singapore's central bank to offer certain services that will ultimately allow the firm to issue stablecoins that are compliant with the country's stablecoin framework.

“Stablecoins issued in accordance with standards set by a regulator like MAS – known for its rigorous regulatory standards – represent a significant step towards democratizing access to commerce and financial services," said Walter Hessert, head of strategy at Paxos. "Receiving approval from MAS is an important step for Paxos and our global enterprise partners to safely offer access to US dollars to more users around the world.

Paxos also announced on Monday that it was partnering with Singapore-based DBS Bank for cash management needs and to custody stablecoin reserves.

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